Commerzbank is considered one of the major leading banks in Germany, functioning as a global bank within Bavarian territories. Its branches are spread across more than 50 countries worldwide.
As it provides approximately one-third of German commercial funding and plays an active role within the monetary group, let’s delve deeper into Commerzbank’s profile through this article on Almanypedia, the German encyclopedia.
What is Commerzbank in Germany?
Commerzbank, the German commercial bank owned by Cerberus Capital Management and BlackRock, is situated in Frankfurt am Main.
In 2019, it successfully secured the second position as the largest bank in Germany by total assets. Continuing its growth trajectory, Commerzbank engaged with 13 million customers in Germany and 5 million customers in Central and Eastern Europe in 2017.
Commerzbank originated following the division of European states after World War II. By amalgamating three regional banks in 1958, Commerzbank was established as the German Commercial Bank, initially headquartered in Düsseldorf.
It commenced a phase of expansion and heightened its efforts on a global scale. In 1970, the bank shifted its administrative operations to Frankfurt.
Obstacles in the way of Commerzbank in Germany
Commerzbank initially faced numerous challenges, prominently the ill-fated foray into investment banking services. This resulted in the closure of its securities investment banking unit.
Following reviews conducted by the consulting firm Mercer Oliver Wyman, it was affirmed that the commercial bank’s securities lacked a viable business model.
Consequently, the German commercial bank received a government rescue plan amounting to 18 billion euros. In September 2016, the bank decided to reduce its workforce by approximately 9,600 employees, which equated to one-fifth of its workforce, within a span of four years.
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The amazing planning in the construction of the Commerzbank building in Germany
Norman Foster designed the Commerzbank Tower in Frankfurt between 1991 and 1997 in a remarkable manner. On its opening day, the “Financial Times” newspaper regarded it as a symbol of Frankfurt.
The horizontal building takes on a triangular shape and is surrounded by winter gardens. It comprises 53 floors and is recognized as the world’s first environmentally friendly office tower.
Foster aimed to pioneer fresh concepts that integrated the building’s nature with its environment. Consequently, he relied on natural systems for illumination and ventilation.
The building relies on clean green energy derived from renewable sources. Consequently, it consumes 20% less energy than anticipated. The tower has garnered numerous awards, including:
- Frankfurt Green Building Award.
- RIBA Architecture Awards.
- Society of German Architects – Martin Elsaesser – Plaque Award.
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Advantages of opening an account in Commerzbank in Germany
Commerzbank offers a multitude of services and features that might prompt you to seriously consider opening an account with the bank to streamline your financial transactions. The benefits of opening an account include:
- The electronic bank account provides you with the advantage of online shopping across various commercial websites.
- A bank account is considered essential when applying for a job in Germany, as it’s required to have your monthly salary transferred to your personal account.
- As a student, having your own bank account enables you to cover all your educational expenses, including tuition fees and online courses, conveniently.
- The offered discounts for customers encompass complimentary services such as free health checks.
- There are no fees associated with opening savings accounts.
- Benefiting from low interest rates when obtaining mortgage loans.
- Ease of deposit and withdrawal due to the availability of numerous ATMs located in all German cities.
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Conditions for opening an account in Commerzbank in Germany
If you wish to open a personal account with Commerzbank to facilitate your financial transactions, certain conditions need to be met, including the following:
- A valid passport or personal ID card.
- Age must be over 18 years old.
- Having a work permit from the home country, along with a registration certificate from the relevant office, is necessary.
- Having a registered phone number in the name of the individual who wishes to open the account for receiving bank notifications, along with an email address for receiving account statements, is required.
Steps to open an account in Commerzbank in Germany
If the conditions for opening the account are met and all required data and documents are prepared, you should follow these steps to open a bank account with Commerzbank in Germany:
- Enter the Commerzbank website through this link.
- Selecting to open an online bank account and then filling out all the required personal information, including your first name, last name, place and date of birth, marital status, nationality, email address, and phone number, is a crucial step in the process.
- It’s essential to provide a complete address, including street name, house number, and postal code, in addition to your region, when filling out the form.
- If your duration of stay at the current address is less than 5 years, you will need to enter your previous address.
- You will need to specify your occupation and your net monthly salary.
- You must specify your residency status, as accounts can only be opened for individuals who are residents in Germany.
- You will be presented with a page to agree to the terms and conditions, confirming that the account will be used for personal, not commercial, purposes. Then, another page will appear for you to review the entered data.
- You will receive an email on your provided email address to confirm your identity through a video call to show your passport for verification purposes.
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Steps to open an account in Commerzbank in Germany for companies
If you own a small business like a restaurant or a company, it’s advisable to have a business bank account to facilitate financial transactions. To open a business account with Commerzbank, you should follow these steps:
- Go to the German Commercial Bank website.
- Selecting to open a business account and then filling out personal information, including providing your tax identification number if applicable, is a necessary step.
- Filling out company information, including specifying its type, which can be either related to buying and selling activities or catering to university degree holders, is part of the process.
- Providing a detailed company address along with the phone number and email address for receiving bank communications is required.
- After submitting the application, you will receive a coupon that you need to print out. Then, you should visit one of the bank branches nearby and present the coupon along with your passport to prove your identity.
What is the importance of obtaining an electronic account statement from Commerzbank?
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The account statement provides crucial information, including invoices with their due dates that the customer needs to pay, the credit date and number, as well as the net profit after all the various financial transactions conducted. Therefore, the importance of obtaining an electronic account statement lies in the following:
- You can easily obtain your account statement from the bank’s official website quickly and without any complex procedures.
- The account statement stands out by providing a detailed record of all financial transactions for the customer’s account over an extended period.
- It saves a significant amount of time and also safeguards the customer’s private data from theft.
How to withdraw account statement from Commerzbank in Germany
The steps to retrieve an account statement from Commerzbank in Germany are straightforward and uncomplicated, as follows:
- Go to the official website of the bank, then specify the name of the city.
- Choose “Online Banking,” then input your personal details and email address. Afterward, select the “Inbox” or “Postfach” option.
- Click on “Electronic Account Statement” or “Kontoauszug elektronischer” and you will see a comprehensive list of financial transactions organized by year, month, and day.
- Select the month and year for which you want to retrieve the account statement, then click on the “Download” button. If you wish to print it, choose the “Print” option, often indicated as “Drucken.”
How to contact Commerzbank in Germany
You can communicate with Commerzbank to address inquiries from all customers by directly visiting the bank’s official website or by contacting their customer service through the following number: 069580008000.
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Frequently asked questions about Commerzbank in Germany
How long does it take to open a bank account in Germany?
A closed bank account in Germany becomes ready within a week from the day of submitting the application.
What is a bank bank account in Germany?
A bank account is a financial arrangement with a banking institution where all financial transactions between the customer and the bank are recorded. It establishes the financial relationship of the customer with the bank.
What is the difference between the types of bank accounts?
The concept of a current account revolves around frequent and swift interactions with the bank for depositing and withdrawing money. On the other hand, a savings account serves as a long-term account for keeping money in the bank for the purpose of saving and benefiting from it in the future.