German bank Eurohypo has appointed Thomas Köntgen as new chairman of the board of managing directors with effect from 1 September 2011. He is taking over from Frank Pörschke, who is leaving the bank by mutual agreement.

Pörschke became a member of the Eurohypo board in 2007 and was appointed chairman in October 2008.

Köntgen has been a member of the Eurohypo board since 2008 and has responsibility for commercial real estate financing in Germany. He has worked for Eurohypo since the bank was founded in 2002 and will lead the business through a new period, which will see the sale of the bank by end-2014, as ordered by the European Commission.