Bayerische Vereinsbank Appoints Daly Treasurer After Schroeder Resigns From Post In New York

Following the recent resignation of senior vice president and treasurer, Jorg Schroeder, German-based Bayerische Vereinsbank [BVB] has appointed Joseph Daly treasurer of its New York office.

Asked why Schroeder resigned, executive vice president and general manager, Siegfried Bouvier said, "the shop that we have here is very small for a man of his talent."

Prior to joining BVB, Bouvier said Schroeder worked for Chase Manhattan Bank for about 17 years. "He was hired by [our] head office for a head office job," says Bouvier.

Although Schroeder was hired as a senior vice president and treasurer of BVB's New York office in July of 1989, he really was hired to work out of the bank's head office in Munich, Bouvier says. However, "things did not work out," he adds. After joining the bank, Bouvier said Schroeder made several trips to Munich, assisting senior management in their efforts to develop treasury-related products, but then "the job over there did not shape up the way head-office thought it would," says Bouvier, and Schroeder resigned.

With Schroeder's departure from the bank, Joseph Daly, who has been with the bank 12 years, was appointed treasurer of its New York office on August 3rd. Prior to becoming treasurer, Daly was the chief dealer of BVB's foreign exchange department in New York.

According to Daly, "we are just as competitive as any bank in the Deutsche mark." In addition to Deutsche marks, they are also active in the yen, pound and the Swiss franc.

Daly also said that several weeks ago BVB increased its minority stake in Vereins-Und Westbank [VUW] to a majority share. However, it is unclear if VUW's foreign exchange trading operation in Miami will be merged with BVB's trading unit in New York at this time.