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CEO Hermann J. Merkens will not return to office – search for a successor has reached an advanced stage

The Chairman of the Management Board of Aareal Bank AG, Hermann J. Merkens, today informed Marija Korsch, Chairman of the Supervisory Board, that contrary to initial expectations, he will not be able to resume work as member and Chairman of the Management Board for the foreseeable future from a medical perspective.

Wiesbaden, 20 April 2021 – The Chairman of the Management Board of Aareal Bank AG, Hermann J. Merkens, today informed Marija Korsch, Chairman of the Supervisory Board, that contrary to initial expectations, he will not be able to resume work as member and Chairman of the Management Board for the foreseeable future from a medical perspective. In accordance with contractual agreements, Mr Merkens will therefore retire from the Management Board with effect from 30 April 2021. The search for a successor – which was already expedited as a precautionary measure for this scenario – has reached an advanced stage. Management Board members Marc Hess and Thomas Ortmanns, who have been acting as deputies to Mr Merkens to date, will continue to perform Mr Merkens’ duties until further notice.

Marija Korsch, Chairman of the Supervisory Board, commented: “We very much regret that Hermann Merkens will not be able to resume his duties at Aareal Bank. He has made an enormous contribution to our Company: during the course of two decades of service on the Management Board, thanks to his immense commitment, his outstanding expertise, his level-headed approach and his strategic far-sightedness, he has played a decisive role in shaping what is Aareal Bank Group today, with activities going far beyond the pure banking business. That the Group is in such a good and robust shape, even in the midst of a global pandemic, is due in no small part to him. On behalf of the entire Supervisory Board, I want to express our sincere thanks to Mr Merkens. We wish him a swift and full recovery, and all the best for the future. At the same time, we are confident that we will be able to swiftly expedite the process for identifying a successor, which we have initiated a as a precautionary measure. During the course of this process, we have already conducted highly promising discussions over recent weeks. In the meantime, we are confident that management of the Company is in the best hands of the Management Board. We are convinced that Aareal Bank Group will continue along its successful path undeterred – even in turbulent times.”

As already communicated at the annual press conference on 24 February 2021, the Supervisory Board also concerns itself in parallel with the size and composition of the entire Management Board. This process – which is geared towards optimising and streamlining the Board’s structure – will already yield results during the next weeks.

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