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Commerzbank wealth unit to expand in Germany-paper

Wed Nov 18, 2009 4:45am EST

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FRANKFURT, Nov 18 (Reuters) - Commerzbank (CBKG.DE) aims to overtake Deutsche Bank (DBKGn.DE) in the business of advising the rich by using a back to basics approach devoid of red carpets, a newspaper said on Wednesday.

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The bank's head of wealth management, Thorsten Rietmeyer, is quoted as telling Die Welt in its Wednesday edition that the bank aims to attract clients with more than 1 million euros by offering good investment advice rather than upmarket cache, Rietmeyer told the paper.

Commerzbank will do without "thick carpets and expensive porcelain cups," Rietmeyer was quoted as saying.

According to the paper, Commerzbank has 41 wealth management branch offices and 60,000 clients in Germany. At the end of 2008 the bank had around 45 billion euros in assets under management. (Reporting by Edward Taylor; Editing by Greg Mahlich)

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