Banks/Banking in Germany
Banking in Germany is deeply penetrated and advanced offering variety of services to business groups, individuals and corporate houses. The central bank of this nation is the Deutsche Bundesbank that has its headquarters in Frankfurt. This is regarded to be the top banks in Germany and powerful.
Types of Banks
The types of banks in Germany include savings banks, Post bank, commercial banks and credit cooperatives. The commercial banks are widespread in Germany and among them the banks in Germany that are important are Deutsche Bank, the Commerzbank, the Dresdner Bank and the Hypo Vereinsbank.
The advantage of being an account holder of one of these commercial banks is that one can access the ATMs of all other commercial banks absolutely free of cost.
Majority banks facilitate the fixed income individuals with credit cards such that the card holder has the facility of withdrawing twice or thrice of their monthly pay. Banks in Germany are popular for offering assistance to business ventures and other funds to various industries.
Banking in Germany is distinct by nature. Germany with its highest population has an immense economy and its financial system is wonderful resulting in diverse career opportunities. The banking system in the recent years has witnessed great changes and privatization is constantly on the rise. The public and state banks are privatized, while the commercial banks namely, Dresdner, Deutshce and Commerz are competing with the investment market. Above all, the small private banks are active financing the corporate activities.
There are 330 private banks in German accounting to 30% of the banking business that control the securities and assets managements. However, the Dresdner, Deutsche and Commerz are the major German banks. The other reliable banks are American Express, Berliner Sparkasse, Money exchange offices and Berliner Volksbank.
The banking system shows no difference between the investment and commercial banks in Germany. However, majority banks are controlled and owned by the public as many are cooperative having a vital role in the local communities development. The banks also have very good political connection forming a sound base. In fact, many large companies are dependent on such banks and are today in the boards.