Commerzbank is planning to expand its wealth management business in Germany following Credit Suisse’s decision to sell its private bank in Germany to Bethmann Bank.
Commerzbank aims to strengthen its market share through this expansion.
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Currently, the wealth management business of Commerzbank has around 70,000 customers and 53 billion (US$72.15 billion) under management, representing a market share of about 10%.
German news daily Euro quoted Gustav Holtkemper, head of Commerzbank’s wealth management business, saying: "This (wealth management) market will change a lot over the next two, three years. Other Swiss banks are exiting the German market. That’s where I see our chance."
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