Bank of Scotland has made a series of appointments at its German leveraged finance team as it continues to build its continental European operations.
Of the three appointments announced, the most senior is Heinrich Kerstien, who joins the firm as a director. Prior to joining the bank’s Frankfurt-based leveraged finance team, Kerstien was part of the leveraged finance team at Deutsche Bank for six years, where he was involved in financing large leveraged buyouts.
The firm has also hired Dominik Spanier, who joins from the London office of Royal Bank Private Equity, and Thomas Grau, recruited from ING BHF-Bank in Frankfurt. Spanier joins the bank as an associate director and Grau as a senior analyst.
“These appointments are part of our ongoing strategy to expand our specialised lending units across continental Europe,” said Stewart Livingston, head of the bank’s European corporate business. “In particular the arrival of Kerstien, with six years experience in leveraged finance and recent involvement in numerous larger buy-outs, will consolidate our leading position in the German mid market for LBOs and, more importantly, allow us to become an effective lead arranger for the largest deals.”
The structured finance team in Frankfurt, led by Michael Barfuss and Dietrich Stoltenburg, provides senior and mezzanine debt to finance leveraged buyouts across Germany. Founded in 1997, the unit has provided finance for 60 transactions including LBOs at Messer Griesheim, Cognis, ATU and the buyout of BertelsmannSpringer. Transactions arranged and underwritten by the Frankfurt office in 2003 include funding for the buyouts of Mauser and Oase Wübker.
In addition to the bank’s Frankfurt office and its UK operations, the corporate banking division also has offices in Amsterdam, Paris and Madrid.