The Deutsche Pfandbriefbank AG (pbb) Supervisory Board has appointed Kay Wolf (47) as the new Chief Executive Officer. Subject to the necessary regulatory approvals, he will take on his responsibility as a Member of the Board on 1st February, 2024. Following a short period to familiarise himself with pbb, he will take over as successor to Andreas Arndt (65) who will resign from his role as planned after ten years as a Member of the Board, eight of which as CEO.
„With Kay Wolf, we are very pleased to have found an internationally experienced manager with extensive knowledge of the credit business, proven IT and digital expertise and significant experience with strategic projects”, said Dr Louis Hagen, Chairman of the Supervisory Board at pbb. “He is the ideal candidate to make the bank even more profitable, more digital and more sustainable.”
Kay Wolf joins pbb from Deutsche Bank where he is currently Chief Risk Officer for the Division Private Bank. His career began in 1997 as a trainee at Deutsche Bank. Here he completed various stations in the credit business, including experience in London. From 2006 to 2010, he worked at one of pbb’s preceeding companies, his last role there being that of Chief Information Officer. He then went on to hold a number of positions at Postbank, amongst others that of Chief Credit Officer, and he then became a Member of the Board and Chief Risk Officer at Deutsche Bank Privat- und Firmenkundenbank AG.
Following its IPO in July 2015, pbb has continually expanded its business with a conservative risk approach and has strengthened its international presence. Furthermore, pbb has continually proven its resilience during challenging periods on the markets. With its newest strategic measures, pbb is focusing on a consistent, profit-orientated alignment of its business activities, including the use of balance sheet-friendly sources of income such as Real Estate Investment Management. Amongst other things, the “green”, ESG-compliant portfolio is to be extended and funding is to be further diversified. In addition, further cost efficiencies are to be created by digital business processes.
„Andreas Arndt is handing over a healthy Bank which is demonstrating the strengths of its business model in the currently difficult market environment. Following the financial crisis, together with his executive team, Andreas Arndt returned the bank to the market, and, with a calm hand, has since maintained a stable course for pbb and has also extended pbb’s market position internationally. In the name of pbb and all the members of the Supervisory Board, I thank Andreas Arndt for his extraordinarily high level of commitment and for everything he has accomplished over the past ten years at pbb”, commented Dr Hagen.