Aareal Bank has appointed Christian Ricken as the firm's new CEO, after announcing the exit of current CEO, Jochen Klösges.
The group’s supervisory board had agreed with Klösges that following the imminent completion of the full takeover of Aareal Bank by the Atlantic Bidco, the group should start its next phase of development under new leadership.
Ricken will commence in the CEO role as of 1 August, subject to customary approvals by the supervisory authority.
Klösges will remain in his position until his successor arrives.
Ricken is currently at LBBW, in an executive role overseeing treasury, financial institutions and markets, research, business development, international business and asset management.
Following an officer career with the German Federal Armed Forces, a degree in business administration at the University of the German Federal Armed Forces, Hamburg, and a doctorate, Ricken joined Deutsche Bank in 1996.
After holding various positions including that of head of group planning, he became CFO and COO for the private and corporate customer businesses.
He was a member of the group executive committee of Deutsche Bank for several years before joining the board of managing directors of LBBW in 2017.
He was instrumental in developing LBBW’s capital markets business as well as further internationalising the bank and enhancing digitisation and product innovation at LBBW, particularly in the trading business.
Aareal Bank’s chairman of the supervisory board, Jean Pierre Mustier, said: 'I am very pleased to welcome Christian Ricken as a new leader for Aareal Bank Group.
'He brings a wealth of experience in capital markets, asset management and in leading international teams and operations which will be highly beneficial for Aareal Bank Group.
'I’d also like to thank Jochen Klösges on behalf of the entire supervisory board for his strong and successful leadership, also in very challenging times.
'The group is in a position of strength, has significantly increased its profitability, shows excellent liquidity and capital ratios and is ready to start a new chapter.'
