Michael Arends appointed CEO of BNP Paribas Wealth Management in Germany
- 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.
This new appointment is part of the BNP Paribas Wealth Management Business Development Plan for Germany, which calls for close coordination with the Group’s Investment Banking division and BNP Paribas Real Estate in order to increase business among High Net Worth and Ultra High Net Worth clients, especially Mittelstand company owners, by supporting their international growth and/or meeting their needs for financing or investment. BNP Paribas has been providing Private Banking services to clients since 2010 through a joint venture with Consorsbank, one of the top 5 online banks in Germany. This area of the business will continue to go forward under the management of Marcel Becker.
BNP Paribas Wealth Management is a leading global private bank and the largest private bank in the Eurozone. Present in three hubs in Europe, Asia and the US, over 6,800 professionals provide a private investor clientele with solutions for optimising and managing their assets. The bank has €372 billion worth of assets under management (as at 30 June 2018).
BNP Paribas is a leading European bank with wide international reach. It employs over 198,000 staff in 73 countries, just under 150,000 of them in Europe. The BNP Paribas Group has been doing business on the ground in Germany since 1947 and is strongly positioned on the market there via 13 companies. Some 5,200 Group employees are today working across all the country’s economic regions to serve a clientele ranging from Private Banking clients to Corporates and Institutions. In line with its profile as a highly innovative universal bank, BNP Paribas offers a broad range of products and services.
Vincent Lecomte is co-CEO of BNP Paribas Wealth Management. He previously served as its Chief Operating Officer (COO).
In 2005, Lecomte became Deputy Head of the Personal Investors business line and Deputy Chief Executive Officer of Cortal Consors, a subsidiary of BNP Paribas. He held several positions in the consulting field before joining Paribas’ Securities Services business in France in 1992. He also spent three years in Germany as Head of the securities business. Lecomte is a graduate of ESCP Europe.