German lender Commerzbank sets up new division for wealthy clients

Commerzbank, a private lender based in Germany, announced on Tuesday that it is setting up a new division devoted to wealthy clients and businesses.

The creation of a division for ultra-high-net-worth individuals (UHNWI) and family offices (FO) highlights the bank's growth ambitions in this dynamic market segment with the introduction of a new management level, Commerzbank said.

The bank is consolidating relevant expertise and highly specialized departments into a dedicated UHNWI & FO division. It plans to open two additional locations for comprehensive advisory services catering to this client group, it said.

The division will focus on ultra-high-net-worth families, private individuals and small and medium-sized enterprises, Commerzbank said.

Besides its existing locations in Berlin, Dusseldorf, Frankfurt and Munich, the bank said that specialist teams in Hamburg and Stuttgart will also be responsible for the personal support of complex individual mandates.

Sebastian Ahlhorn, who joined Commerzbank at the beginning of this year as managing director, will lead the new UHNWI & FO division, the bank said.

The overall responsibility for the new division lies with Christian Hassel, divisional board member of wealth management and private banking.