Commerzbank expands Wealth Management offering
German Commerzbank has announced the expansion of its Wealth Managment by expanding the number of offices from 43 to 105 accross Germany and increasing the number of staff from 700 to 1000, a Commerzbank spokesperson confirmed.
The expansion is part of a broader restructuring process which entered into effect as of 1 June 2016, with additional staff members predominantly joining from the group’s Private Banking unit, where they previously covered wealthy individuals.
„From a client centered point of view, the definition of wealthy individuals as those with €1m of investable assets is now less rigid. We are currently also working with wealthy clients whose wealth structures are more complex and demanding, who tend to be quite familiar with capital markets, their business wealth is often closely connected to private wealth, which is why they will benefit from a more comprehensive form of advice. Our level of support now also includes individual risk analysis, wealth planning as well as inheritance and foundation management“ a Commerzbank spokesperson explained.
Commerzbank Wealth Management now covers €50bn of assets under management, it is a separate unit from its Asset Management Division, although the latter managers the portfolios of Wealth Management Clients. Individual Wealth Management services are available to clients with more than €250.00 of investeable assets.