09/06/2010
Co-operative banks would also like to host money of richer clients
From 1 September, the German co-operative banks are planning to strongly develop their activities serving high net worth retail clients, says Stefan Schwab, head of the private banking group at DZ Bank. According to Schwab, it is not acceptable that the co-operative banks, with EUR15bn out of a potential market of EUR200bn, have a market share of only 1% to 2% in this segment, while they have a 30% market share in the general market, Die Welt reports. For the co-operative banks, high net worth clients start at EUR250,000 in financial savings. Schwab would like to launch an offensive on this territory against the major banks, such as Deutsche Bank and Commerzbank, though he knows there is less chance of winning over clients of traditional private banks such as Berenberg and Metzler. Banks on the network will staff their branches with up to 300 specialists. In September, DZ Bank will open its first three locations in Hanover, Stuttgart and Munich. WGZ Bank, for its part, has been present for a long time in Düsseldorf, Koblenz and Münster.
