Ayesha Shah has been appointed treasurer of the European Bank for Reconstruction and Development (EBRD) in the wake of her predecessor's departure to TD Securities.

Shah, who was deputy treasurer and favourite to be appointed to the more senior role, will be replaced by Axel van Nederveen, previously head of asset and liability management. Shah joined the EBRD in 1993, became head of funding two years later and deputy treasurer in 1999. Previously, she worked in trading and marketing derivatives at Citicorp and Nomura International. Both appointments take effect on January 1, 2002.