Henning Rasche, president of the association of German Pfandbrief banks (VDP), has resigned as a member of the board of managing directors at Eurohypo, effective December 31. His replacement will be Ralf Woitschig, head of public finance at Eurohypo’s parent, Commerzbank. Rasche, who was re-elected to the VDP presidency in June, has been at Eurohypo or its predecessors since before the jumbo Pfandbrief market launched in 1995.