Germany's Commerzbank AG expects other lenders to follow Switzerland-based Credit Suisse Group AG's move to sell its private bank in Germany. Commerzbank said that this would create opportunities for the German lender to expand its wealth management business.
According to a report by Reuters, Credit Suisse said last month that it would sell its private bank in Germany to Frankfurt-based Bethmann Bank AG as it focuses on ultra-rich clients. Bethmann is part of state-owned Dutch lender ABN AMRO Bank NV.
Credit Suisse's move vaults Bethmann into third place among private banks in Germany, behind Commerzbank and Deutsche Bank, the report said.
Commerzbank's wealth management business has about 70,000 customers and €53 billion ($72.15 billion) assets under management, giving it a market share of about 10%. Its wealth management unit is the second-biggest in Germany, Reuters said.
Commerzbank's Gustav Holtkemper, in an interview with German news daily Euro am Sonntag, said that his company aims to expand its market share. Holtkemper is the head of Commerzbank's wealth management business, the report said.
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