BNP Paribas Wealth Management Germany has appointed a new CEO and plans 150 local hires by 2020.

Michael Arends was appointed CEO on 1st September and forms part of the firm’s development strategy for Germany, which targets growth in the HNW/UHNW space.

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BNP Paribas Germany CEO Lutz Diederichs said: “The development of our wealth management business is an integral part of the German growth plan which aims for an 8% per year increase in Germany, so as to reach €2 billion in revenues by 2020.”

Arends has spent more than three decades in the banking industry. He previously was the executive committee member of Bethmann Bank.

He also held the role of global head of private wealth management at ABN Amro Bank and was the executive committee member of the wealth management arm at UBS Deutschland.

BNP Paribas Wealth Management co-CEO Vincent Lecomte said: “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.