Awards for Excellence 2008: Germany
Best bank: Commerzbank
Best investment bank: Deutsche Bank
Commerzbank’s Mittelstand business has held up well and continues to show momentum despite the difficult economic backdrop. The unit, which focuses on the backbone of corporate Germany, reported that it had near record net interest income in the first quarter of 2008 thanks to high loan and deposit growth and stable margins.
The private and business customers unit also bounced back after a tough fourth quarter in 2007 to report results on a par with record levels and an impressive net influx of 100,000 new customers in the first quarter of 2008.
With momentum continuing into the second quarter, Commerzbank, which is examining a possible tie-up with Dresdner Bank and the possibility of a three-way deal with Postbank added to the mix, is in a solid position to play a central role in the consolidation of the German banking industry.