The appointment is part of the Paris-listed bank's policy of building out its German private bank and wealth management operations via its deal last year to acquire operations from HSBC in the country.

Yesterday, BNP Paribas announced that its wealth business in Germany – an important growth area for the French bank in recent years – has appointed Beat Bachmann as its new CEO, effective from the start of June. Bachmann is replacing Michael Arends who is continuing his career outside the group, a spokesperson confirmed to this publication when asked about the matter.

At present, Bachman is CEO of BNP Paribas Wealth Management in Switzerland. He will also be deputy CEO of BNP Paribas Wealth Management International Markets. The latter role means that he wll continue to run some strategic client relationships within the “international markets” scope, which includes Germany, Luxembourg, Switzerland, the Netherlands, Spain, the Middle East and Monaco.

“In his new role, Beat will focus on developing our business in Germany, a highly strategic market for BNP Paribas Wealth Management, ensuring the successful integration of HSBC Private Banking activities this year,” Vincent Lecomte, CEO of BNP Paribas Wealth Management, said. “Beat’s extensive experience and strong international background in the industry will be key to further expanding our position among the top leading players in Germany on all client segments, especially with the entrepreneurs and families clients.”

The move comes at a time when BNP Paribas has been building out its wealth arm in Europe’s largest economy, as illustrated in its agreement, announced last autumn, to buy the German private bank of HSBC.

The bank said it expected to close its acquisition of HSBC Private Banking in Germany in October this year, a process that will more than double assets managed to over €40 billion ($45.3 billion) in the country, and with a team of about 300 people.

“Germany offers strong growth potential for wealth management activities, particularly with SMEs (Mittelstand) and German entrepreneur clients. Our integrated and diversified business model is best suited to meet the long-term needs of these clients, leveraging the strong expertise of the group’s activities, notably investment and corporate banking, asset management and real estate, already well established locally,” Lutz Diederichs, CEO of BNP Paribas Germany, said. (About six years ago this news service spoke to BNP Paribas about its views on the German market's potential.)

Bachman’s successor in Switzerland will be announced in due course, the bank said.

With more than 25 years' experience in international banking, Bachman has held several senior positions in wealth management at UBS for 16 years in Switzerland and Germany; in 2015, he was appointed head of global financial intermediaries Europe at UBS. He joined BNP Paribas in August 2022.

With a science background, Bachman holds a PhD in organic chemistry from the Swiss Federal Institute of Technology (ETH) and an MBA from INSEAD.