The new CEO of Deutsche Pfandbriefbank (pbb) comes from Deutsche Bank.
Kay Wolf (47) will join the real estate financier’s board of directors on February 1, 2024 and will soon replace Andreas Arndt, who has led pbb for nine years and will retire, as the bank announced on Tuesday. Wolf is currently the head of risk for the private customer division of Deutsche Bank and recently survived the restructuring under division boss Claudio de Sanctis. He began his career at Deutsche Bank in 1997 and worked for pbb’s predecessor Hypo Real Estate (HRE) from 2006 to 2010, after which he moved to Postbank.
“He is the ideal candidate to make the bank even more profitable, digital and green,” said pbb supervisory board chairman Louis Hagen. Arndt had recently turned 65 and had already announced his retirement. Under Arndt’s aegis – then still co-CEO – pbb achieved privatization with its IPO in 2015.
The pbb share was temporarily trading 2.15 percent lower at 6.38 euros in XETRA trading.
Munich (Reuters)
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