June 25, 2024

Drevo Poznaniya

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A Guide to the Top 5 Banks in Germany

The complete guide to German banks for expats | Expatica

The banking industry in Germany is a flourishing one, all thanks to a buoyant economy and an efficient employment system.

As a foreigner in the country, it is essential you have a good knowledge of what the financial terrain looks like and how such institutions operate. This is because sooner or later, you would need to open an account to enable you to carry out monetary transactions and manage your finances. 

This is why an all-inclusive brand like Erfahrungenscout.de exists. They are one of the best platforms providing online companies reviews in Germany. You can get essential information about financial companies, the services they offer and more on their website. An example is this review of Ikano Bank, a German bank.

Types of Banks in Germany

There are three divisions of banks in Germany. They are Government-owned banks (Landesbanks), private banks and member-controlled credit banks. In general, there are about 1,800 banks in Germany.  

Top 5 Banks in Germany

  1. Deutsche Bank

With its headquarters in Frankfurt and boasting of a workforce of approximately 91,700, Deutsche Bank is regarded as the biggest and most successful bank in Germany. 

It was established in 1870 and owes its success partly due to its investments in many other regions of the world. Its main focus is on investment, but it also dabbles in other areas. As of 2018, its revenue income was estimated at €25.316m.

  1. KfW Bankgruppe

Established in 1948 and boasting a workforce of approximately 5,900, the government-controlled KfW Bankgruppe is highly regarded for its unrivalled stability. Its head office is housed in Frankfurt.  

It is also known for its role in providing financial assistance for many companies in Germany and Europe. It reportedly pulled a revenue of €2,579 million in the year 2017.

  1. Commerzbank

Sitting at third on our list is the private commercial giant, Commerzbank. Also headquartered in Frankfurt like the others, it boasts of an incredible workforce of about 49,000. It is among one of the earliest banks in Germany as it was established in 1870.

It provides typical banking services to individuals such as loans, mortgages, and asset management. Commerzbank’s net worth reportedly stood at a whopping €493.20 billion in 2018.

  1. DZ Bank Group

With its head office also in Frankfurt and a workforce of approximately 29,300, DZ Bank Group (Deutsche Zentral-Genossenschaftsbank) was established in 2001. A merger took place in 2016 between this bank and WGZ bank. 

It is a cooperative franchise that serves as an umbrella body for other smaller cooperative enterprises. With a heavy presence in Berlin, Hannover, Munich and other German cities, and in foreign shores like Singapore, London and New York, it is regarded as one of the most successful banks in Germany.

  1. HypoVereinsbank (UniCredit Bank AG)

With its head office in Munich, HypoVereinsbank is one of the top commercial banks not just in Germany but in some parts of Europe. It was established in 1955 and commands a workforce of about 85,000. It has 1, 150 branches including in foreign shores around Europe like Italy and the UK.

With the brands provided above, we are sure you now know where to pitch your tent concerning financial products and services.