Supervisory Board appoints Dr Christian Ricken as new CEO – Jochen Klösges to leave Aareal Bank Group

Wiesbaden, 9 April 2024 – Aareal Bank’s Chief Executive Officer, Jochen Klösges, and the Group’s Supervisory Board have jointly agreed that following the imminent completion of the full takeover of Aareal Bank by the Atlantic Bidco GmbH, the Group should start under new leadership its next phase of development. Therefore, the Supervisory Board appointed Dr Christian Ricken as new Chief Executive Officer of Aareal Bank AG from 1 August 2024, subject to customary approvals by the supervisory authority. Jochen Klösges will remain in his position until his successor arrives, thus ensuring a smooth transition.

Currently, Dr Christian Ricken is LBBW’s Member of the Board of Managing Directors responsible for Treasury, Financial Institutions and Markets, Research, Business Development, International Business as well as 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, Dr Christian 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. Dr Christian Ricken had also been 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 AG’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. Under his management, Aareal further strengthened its market position as a leading Commercial Real Estate financer and as the preferred banking partner and software provider for the German and European housing industries respectively. 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.”
 

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About Aareal Bank Group

Aareal Bank Group, headquartered in Wiesbaden, is a leading international property specialist. The Bank uses its expertise to identify trends, challenges and opportunities at an early stage, and to exploit them for the benefit of its stakeholders. Aareal Bank Group provides smart financings, software products, and digital solutions for the property sector and related industries, and is present across three continents, Europe, North America and the Asia/Pacific region. Aareal Bank Group’s business strategy focuses on sustainable business success, with environmental, social and governance (ESG) aspects as an integral part of this strategy.

Aareal Bank AG comprises the business segments Structured Property Financing, Banking & Digital Solutions, and Aareon. The Structured Property Financing segment encompasses all of Aareal Bank Group’s property financing and funding activities. Here, the Bank supports its clients in making large-volume commercial property investments. The investment properties mostly comprise office buildings, hotels, shopping centres, logistics and residential property, as well as student apartments. In the Banking & Digital Solutions segment, Aareal Bank Group supports businesses from the housing, property management and energy industries as a digitalisation partner – combining extensive advisory services and product solutions with traditional corporate banking services and deposit-taking. The Group's subsidiary Aareon, the leading supplier of SaaS solutions for the European property sector, represents the third business segment. It is digitalising property management by offering user-oriented software solutions that simplify and automate processes, support sustainable and energy-efficient operations, and interconnect all process participants.