EIB Appoints Vice President as Saab Automobile Overseer Leaves

The European Investment Bank said former Austrian Finance Minister Wilhelm Molterer will become a vice president tomorrow, succeeding the manager who has overseen European Union funding for Swedish carmaker Saab Automobile.

Molterer, 56, will replace Eva Srejber, a Swede whose four- year term is expiring and who will join the board of London- based European Bank for Reconstruction and Development tomorrow, Par Isaksson, a spokesman at the Luxembourg-based EIB, said today by telephone.

The EIB, the lending arm of the EU, is providing Trollhaettan-based Saab with financing to develop new models. The unprofitable carmaker halted production and suspended wage payments because of a cash shortage this month. The manufacturer said yesterday that it’s hoping to restart carmaking in mid-July after securing shareholder loans, receiving advance payments for vehicles on order and selling property.

Molterer, a former head of the Austrian People’s Party, was one of the EIB’s governors while he was finance minister from January 2007 until December 2008, the bank said today in a statement.

Isaksson declined to say how Srejber’s exit will affect Saab matters, such as the company’s pending application to bring in Russian banker Vladimir Antonov as an investor.

Saab is owned by Swedish Automobile NV, the Zeewolde, Netherlands-based supercar maker formerly called Spyker Cars NV. (SPYKR) Antonov is also planning to buy Swedish Automobile’s sports-car manufacturing assets, whose models include the C8 Aileron. Spyker bought Saab Automobile from General Motors Co. in February 2010.

To contact the reporter on this story: Ola Kinnander in Stockholm at okinnander@bloomberg.net

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net

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