Hypo Real Estate, the troubled German property lender, has continued restructuring its main board by appointing a new chief operating officer.

The bank said today that Cyril Dunne, who was COO of Hypo Real Estate Group and CEO of its DEPFA Bank subsidiary, will relinquish his role as the former to concentrate solely on the latter.

Dunne will be replaced at Hypo Real Estate Group by Frank Krings who was COO for Europe at Deutsche Bank.

Krings is the second senior appointment by Hypo from Deutsche Bank following that of CEO Axel Wieandt, who joined just over a week ago.

Wieandt, who joined the management board alongside Commerzbank group treasurer Kai Wilhelm Franzmeyer, was global head of corporate investments at Deutsche Bank.

The appointment of Krings takes place with immediate effect.