FRANKFURT Jan 4 Commerzbank expects
other lenders to follow Credit Suisse's move to sell
its private bank in Germany, creating opportunities for
Commerzbank to expand its wealth management business, a
divisional chief said.
"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," Gustav Holtkemper, head
of Commerzbank's wealth management business, told Euro am
Sonntag in an interview published online on Saturday.
Switzerland's Credit Suisse said last month that it would
sell its private bank in Germany to Frankfurt-based Bethmann
Bank, part of state-owned Dutch group ABN AMRO as it focuses on
The move vaults Bethmann into third place among private
banks in Germany, behind Commerzbank and Deutsche Bank
Commerzbank's wealth management business, the second-biggest
in Germany, has about 70,000 customers and 53 billion euros
($72.15 billion) under management, giving it a market share of
about 10 percent.
"We aim to expand our market share," Holtkemper said but
declined to provide a specific target.
($1 = 0.7346 euros)
(Reporting by Maria Sheahan; Editing by Susan Fenton)