- 1.Banking in Frankfurt, Germany – Part 1: The City you never knew you Liked
- 2.Banking in Frankfurt, Germany – Part 2: Relocation to Germany
- 3.Banking in Frankfurt, Germany – Part 3: Germany’s Financial Centre
Dear London bankers, we hope you will enjoy our little series of posts about Banking in Frankfurt, Germany! In the second part we look at some aspects of a relocation to Germany.
Frankfurt as a Financial Centre
By now, we have shown you what living in Frankfurt, Germany, is like and what you have to expect when relocating to the city. In this part of our series we turn to more serious business, though, and introduce you to Frankfurt as a financial centre. You’ll see that the place has a lot to offer and is bigger in this regard than its metropolitcan area suggests.
Dear London Bankers!
It’s a done deal now that Great Britain is going to leave the EU, and we are all really sad to lose one of our favourite rivals in football as well as business. Nevertheless, it doesn’t hurt to look forward. So, since we suspect to see some of you in Germany soon, we will try to compile a comprehensive source of information on relocating to, as well as working and living in Frankfurt, Germany. In our first part, we dive into Frankfurt’s appeal as a city.
Banking in Frankfurt is a big thing
Okay, now we stop ignoring all of these skyscrapers. We didn’t talk much about them in the previous posts, but that’s just because we weren’t talking banks. And the Messe Frankfurt, PwC and some of the bigger hotel chains aside, most of the towers belong to Germany’s biggest banks. Frankfurt is called “Bankfurt” for a reason in Germany.
According to the German Federal Bank, in 2010 63 German banks had their headquarters in Frankfurt.
The Deutsche Bank Twin Towers in Frankfurt.
- the Deutsche Bank Twin Towers,
- the Commerzbank Tower, Frankfurt’s tallest building at 259 metres,
- the DZ Bank tower at Westendstraße 1,
- the headquarters of the KfW Bankengruppe, a government-owned development bank that was formed as part of the Marshall Plan,
- the headquarters of ING-DiBa, Germany’s biggest Direct Bank,
- and the DekaBank, the central provider of asset management and capital market solutions for the German Sparkassen group.
To that, there are also over 150 foreign financial institutions in Frankfurt, among them Credit Suisse, UBS, Bank of America, Morgan Stanley, Merrill Lynch, JPMorgan Chase, Bank of China, Société Générale, BNP Paribas, Barclays and many more.
Frankfurt is the Financial Hub of the Continent
While London may have been the biggest financial centre of the EU, Frankfurt has some interesting locational advantages. Of course, first and foremost there are the headquarters of the European Central Bank, the ESFS, the ESRB, and of the SSM. Most of the European supervision is right in the neighbourhood. The same goes for the Federal Financial Supervisory Authority, which is calles BaFin in short. Of course the German Federal Bank is here, too, as well as state bank of Hesse and Thuringia (Helaba).
There are many other institutions as well
Last, but not least, Frankfurt is the location of many other financial institutions besides banks. Of course, there is the German Stock Exchange, but also the Big Four accounting firms. (Although, Ernst&Young are located in Eschborn, which is a small town in the suburban area. One insider tip by the way: try looking for office space in Eschborn. You might be surprised!) Other companies located in Frankfurt include the rating agencies of Standard&Poor’s, Moody’s and Fitch Ratings, some big German investment companies, a huge crowd of law firms and some of the world’s biggest consulting groups. For example Bain & Company are here, the Boston Consulting Group, McKinsey and Roland Berger, one of the biggest German firms.
Add to that the growing FinTechs-Hub and you get the city that is ranked 8th in the International Financial Centres Development Index, 9th in the Global Financial Centres Index and 8th in the Worldwide Centres of Commerce Index.
And remember, area-wise the city of Frankfurt is tiny compared to London. So everything is in the neighbourhood and there are great networking opportunities.
So, about Relocating to Germany
In case you want to know more about Relocating to Germany, we recommend visiting our seminar on Banking in Frankfurt. Also, we comprised a nice little presentation about the reasons why you just might like it over here. Feel free to browse through it, you might be surprised!