The appointment of a Germany CEO is part of the firm's business plan to expand its high net worth and ultra-high net worth segment in the country.

BNP Paribas Wealth Management has appointed Michael Arends as chief executive in Germany, part of a drive to expand business in the country, as flagged recently by senior managers. 

BNP Paribas said the appointment comes under its Group’s 2020 business development plan for Germany, embracing the high net worth and ultra-high net worth segment, it said in a statement. Arendt's role is a newly-formed one.

Arends has over 30 years of experience in the banking sector. Since 2013 he was a member of the executive committee of Bethmann Bank and served as global head, private wealth management at ABN Amro Bank from 2013 to 2017. 

Previously, he served as a member of the executive committee of the wealth management business at UBS Deutschland between 2003 and 2010.

“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. “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.”

The wealth management segment in Germany is planning to recruit 150 new local staff by 2020.