Several branches in Germany are closed

Frankfurt Commerzbank has revised its strategy and will in future have even fewer branches in Germany. The board of directors has decided to only operate with 400 instead of the originally planned 450 branches, several people familiar with the topic told the Handelsblatt. The reason for this is a lack of staff and the increased use of online banking.

In addition, the bank is responding to the energy crisis resulting from Russia’s war of aggression against Ukraine. According to financial circles, the institute wants to set up or expand representative offices in the Gulf States due to the changed energy source countries and the shift in the supply chains of corporate customers. In addition, the branch in Singapore is to be strengthened in order to support sustainable energy projects from there.

The direct banking offering for smaller corporate customers with less need for advice is also to be expanded. Around 3,000 existing customers used the offer in the middle of the year, and this number is set to double by the end of the year. From 2023, the institute wants to increasingly use the direct bank to attract new customers.