The Management Board
The Management Board is responsible for managing the company. In doing so, it is obliged to act in the best interest of the company and undertakes to increase its sustainable enterprise value. The Management Board ensures that all provisions of law are complied with, and endeavours to achieve their compliance throughout Group companies.
The Management Board develops company strategy, coordinates it with the Supervisory
Board, and ensures its implementation. It ensures appropriate and sustainable risk management and risk controlling throughout the company. The Management Board cooperates on the basis of trust with Aareal Bank AG's other executive bodies, and with employee representatives.

Jochen Klösges Chairman of the Management Board (Chief Executive Officer)
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Curriculum vitae as pdf-download
Date of birth: | 13 September 1964 |
Nationality: | German |
First appointment: | 2021 |
Independence: | Yes |
Expertise: | Strategy, portfolio management and control, M&A and equity investment management, commercial property finance, IT, risk management |
Professional milestones | |
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Since 2021 | Chairman of the Management Board, Aareal Bank AG, Wiesbaden, Germany |
2013 - 2021 | CEO of E.R. Capital Holding GmbH & Cie. KG Group, Hamburg, Germany |
2009 - 2013 | Member of the Board of Managing Directors, Commerzbank AG, Frankfurt/Main, Germany |
2007 - 2009 | Divisional Director Corporate Development, Commerzbank AG, Frankfurt/Main, Germany |
2004 - 2007 | Member of the Management Board at Eurohypo AG |
2002 - 2004 | Head of Division, Corporate Centre Risk Management, Eurohypo AG |
Education | |
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Bank-Betriebswirt (banking administration studies), Bankakademie (now the Frankfurt School of Finance & Management) | |
Positions on non-Group supervisory boards or comparable bodies | |
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Oest Stiftung (Oest Group holding organisation), Member of the Foundation Board and Board of Directors | |
Additional positions on governing bodies of other organisations | |
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Aareon AG (Aareal Bank Group), Chairman of the Supervisory Board as well as member of the Advisory Board | |
Erck Rickmers Group, Member of the Advisory Council | |
German Design Museum Foundation (Stiftung Deutsches Design Museum), member of the Foundation Board | |
Objego GmbH, Member of the Advisory Council |

Nina Babic Member of the Management Board (Chief Risk Officer)
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Curriculum vitae as pdf-download
Date of birth: | 18. September 1983 |
Nationality: | Croatian |
First appointment: | 2022 |
Independence: | Yes |
Expertise: | Management of all key financial and non-financial risks; effectiveness of risk management systems at banks; evaluation of systems for preventing money laundering, terrorist financing and other criminal offences; compliance management systems; organisation and effective design of banks' control departments; development, quality, monitoring and deployment of risk classification procedures; legal and regulatory requirements; evaluation and effectiveness of the governance framework; SPF segment; problem loan processing; lending development and quality; downstream loan processing; loan processing control; intensive care |
Professional milestones | |
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Since July 2022 | Member of the Management Board, Aareal Bank AG, Wiesbaden, Germany |
2021 – 2022 | Senior General Manager Credit Management, Aareal Bank AG, Wiesbaden, Germany |
2016 – 2021 | Managing Director Corporate Affairs, Aareal Bank AG, Wiesbaden, Germany |
2008 – 2016 | Audit, Financial Services, PricewaterhouseCoopers AG WPG, Frankfurt, Germany |
Education | |
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Examination as a certified public accountant, Chamber of Public Accountants, Berlin, Germany | |
Degree in Business Management, Frankfurt University of Applied Sciences, Frankfurt, Germany | |
Positions on non-Group supervisory boards or comparable bodies | |
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HypZert GmbH, Deputy Chair of the Supervisory Board | |
Additional positions on governing bodies of other organisations | |
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Aareal Capital Corporation, Member of the Board of Directors | |
Aareal Estate AG, Deputy Chair of the Supervisory Board | |
Terrain-AG Herzogenpark, Chair of the Supervisory Board |

Marc Hess Member of the Management Board (Chief Financial Officer)
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Curriculum vitae as pdf-download
Date of birth: | 30 August 1973 |
Nationality: | German |
First appointment: | 2018 |
Independence: | Yes |
Expertise: | Strategic planning; finance/accounting; non-financial data; investor relations; liquidity and funding planning; management of market, liquidity, IRRBB and business risk |
Professional milestones | |
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Since 2018 | Member of the Management Board, Aareal Bank AG, Wiesbaden, Germany |
2012 - 2014 | Global Chief Financial Officer Private & Business Clients, Deutsche Bank AG |
2007 - 2018 | Chief Financial Officer, Deutsche Postbank AG |
2007 | Co-head Credit Management International, Deutsche Postbank AG |
2004 - 2007 | Managing Director Investor Relations & Research, Deutsche Postbank AG |
2000 - 2004 | Deputy Head Investor Relations, HypoVereinsbank Group |
Education | |
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Studied business administration at the University of Bayreuth, Germany | |
Positions on non-Group supervisory boards or comparable bodies | |
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None | |
Additional positions on governing bodies of other organisations | |
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Aareal Beteiligungen AG (Aareal Bank Group), Chairman of the Supervisory Board | |
Aareon AG (Aareal Bank Group), Member of the Supervisory Board as well as member of the Advisory Board | |
Plan International Germany e.V., member of the Board of Trustees | |
vdp Board of Directors, member | |
vdp Pfandbrief, Capital Markets and Investor Relations Committee, Chairman of the Committee | |
Association of German Banks (Bundesverband deutscher Banken - "BdB"), Deposit Protection Committee, member | |
Accounting Standards Committee of Germany (ASCG), member of the Board of Directors |

Christof Winkelmann Member of the Management Board (Chief Market Officer)
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Curriculum vitae as pdf-download
Date of birth: | 09 May 1975 |
Nationality: | German |
First appointment: | 2016 |
Independence: | Yes |
Expertise: | SPF segment; loan structuring and syndication; funding; management of credit, propery and market risk, design of internal control systems for the lending process |
Professional milestones | |
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Since 2016 | Member of the Management Board, Aareal Bank AG, Wiesbaden, Germany |
2008 - 2016 | Managing Director Special Property Finance, Aareal Bank AG, Wiesbaden, Germany |
2006 - 2008 | Managing Director, Valartis Bank AG, Zürich, Switzerland |
2000 - 2006 | Director and Head of Hotel Finance Group, Aareal Bank AG, Wiesbaden, Germany |
Education | |
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B.Sc. in hotel management and minor in business administration, University of Las Vegas, Nevada, United States of America | |
Positions on non-Group supervisory boards or comparable bodies | |
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None | |
Additional positions on governing bodies of other organisations | |
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Aareal Bank Asia Ltd. (Aareal Bank Group), Chairman of the Board of Directors | |
Aareal Capital Corporation (Aareal Bank Group), Chairman of the Board of Directors | |
Aareal Estate AG (Aareal Bank Group), Chairman of the Supervisory Board | |
vdp International Real Estate Finance Committee, member | |
Urban Land Institute (ULI) | |
Lodging Industry Investment Council (LIIC) | |
International Hotel Investment Council (IHIC) |
Curriculum vitae as pdf-download