As part of the BNP Paribas Group’s 2020 Business Development Plan for Germany, BNP Paribas Wealth Management intends to grow its business in the HNW/UHNW segment and with Mittelstand company owners.
Michaels Arends took up his post as CEO, Germany for BNP Paribas Wealth Management on 1 September.
Wealth Management is planning to recruit 150 new local staff by 2020.
"The development of our Wealth Management business is an integral part of the German growth plan which aims for an 8% per year increase in Germany, so as to reach €2 billion in revenues by 2020,” explained Lutz Diederichs, CEO of BNP Paribas Germany.
“Germany is a key market for our business. We’re looking to grow in the High Net Worth segment, especially among Mittelstand entrepreneurs, through an international approach in conjunction with the Group’s Investment Banking and Real Estate divisions, which are already well-established in Germany,” pointed out Vincent Lecomte, Co-CEO of BNP Paribas Wealth Management, underlining: “Michael Arends’ in-depth knowledge of the German market will enable him to take our Business Development Plan forward, steering the onboarding of High Net Worth clients and ensuring that they receive the specific support they require.”
Michael Arends has over 30 years’ experience in the banking sector. Since 2013 he has been a member of the Executive Committee of Bethmann Bank AG and served as Global Head, Private Wealth Management, ABN Amro Bank N.V. from 2013 to 2017. He earlier served as a member of the Executive Committee of the Wealth Management business at UBS Deutschland AG between 2003 and 2010.