Hypo Real Estate Holding (HRE) and its subsidiary Deutsche Pfandbriefbank (pbb) have appointed Thomas Köntgen and Andreas Arndt as co-CEOs of the five-strong management board with effect from 1 October.
Hypo Real Estate Holding (HRE) and its subsidiary Deutsche Pfandbriefbank (pbb) have appointed Thomas Köntgen and Andreas Arndt as co-CEOs of the five-strong management board with effect from 1 October.
Köntgen joins from Hypothekenbank Frankfurt (previously Eurohypo) where he worked for 16 years. Arndt has been CFO of pbb since April this year.
Hypo/pbb had been without a CEO since Manuela Better stepped down from the post in June.
'Due to his many years of experience, Thomas Köntgen will strengthen the expertise in the area of commercial real estate finance,' commented Günther Bräunig, chairman of the HRE and pbb supervisory boards.
Köntgen will focus on operational activities and the positioning of the group's business activities. The 47-year old manager had been a member of the Hypothekenbank Frankfurt management board since 2008, and CEO since September 2011.
Arndt, 55, will retain his role as CFO, while continuing to get the bank in shape for the privatisation process. He was CFO at Austrian bank Bawag before joining HRE.
Munich-based Hypo Real Estate was bailed out by the German government in October 2008 and nationalised a year later. The performing unit was spun off as a separate entity and rebranded as pbb Deutsche Pfandbriefbank ahead of a sell-off at a future date.