Düsseldorf financial center

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HSBC Germany - Headquarters (Königsallee)
Deutsche Bundesbank - Headquarters NRW

The Düsseldorf financial center includes all players in the finance and insurance industry in the city of Düsseldorf and the Düsseldorf regional planning region (Düsseldorf region), as there are close commuter ties between the center of Düsseldorf and the cities of the regional planning region. These include the Rhine district of Neuss , the district of Mettmann , the district of Viersen , as well as the cities of Krefeld , Mönchengladbach , Remscheid , Solingen and Wuppertal . The city of Duisburg as a neighboring city is also included in the Düsseldorf financial center. The financial center players in Düsseldorf in the narrower sense include credit institutions, insurance companies, FinTechs, leasing and factoring companies, private equity and venture capital companies, the Düsseldorf Stock Exchange , the headquarters of the Deutsche Bundesbank in North Rhine-Westphalia and, as the financial supervisory authority of the savings banks, insurance supervision and stock exchange supervision the Ministry of Finance of North Rhine-Westphalia . After all, the savings bank sector has its headquarters in Düsseldorf, the Rheinischer Sparkassen- und Giroverband (RSGV), one of the largest savings bank associations.

In terms of spatial planning, the Düsseldorf financial center is viewed as part of the Rhine-Ruhr metropolitan region or the Rhineland metropolitan region . In recent years, Düsseldorf has continued to rise in the GaWC ranking of global cities and is now ranked as “ Beta + World City ”. This is particularly evident from the headquarters of many international companies such as Vodafone, Huawei, ARAG , QBE Insurance Europe , HSBC Germany , Henkel, ERGO or Stepstone, which have located their control and management functions in Düsseldorf. Düsseldorf International Airport also contributes to this position as a global city. Due to the size of the former Westdeutsche Landesbank in terms of number of employees and business volume, the Düsseldorf financial center was synonymous with the NRW financial center.

A total of 272 financial services companies and leasing and factoring companies are based within the Düsseldorf region under BaFin supervision.

Stadtsparkasse Düsseldorf - headquarters
Deutsche Apotheker- und Ärztebank - headquarters

history

The development of the financial center and banking location Düsseldorf is to be seen against the background of industrialization and thus in the context of the development of Düsseldorf to the desk of the Ruhr area . The oldest and most important bank operating under CG Trinkaus still exists today as HSBC Trinkaus & Burkhardt with headquarters in Düsseldorf. Bankhaus Trinkaus was extensively involved in rail and industrial finance. The development of Düsseldorf's financial center took place late. The basis for the Düsseldorf banking center was created in the period of early industrialization from 1815 to 1850.

After the Second World War, due to the division of Germany and Berlin, numerous credit institutions resumed their work in Düsseldorf. In 1949, for example, the DekaBank Deutsche Girozentrale in Düsseldorf was reactivated before the headquarters were relocated to Frankfurt am Main in 1965. The Rheinisch-Westfälische Bank in the Federal Republic of Germany, based in Düsseldorf, was one of ten regional banks that were created in 1948 when the Deutsche Bank was planned to be broken up. In 1952 it was increased significantly when the number of regional banks was reduced from ten to three. In April 1956, the name was changed to Deutsche Bank West. On May 2, 1957, retroactive to January 1, 1957, the three regional banks merged to form today's Deutsche Bank, based in Frankfurt am Main. The Rhein-Ruhr Bank AG , the later re-centralized Dresdner Bank, also had its headquarters in Düsseldorf. The Commerzbank AG even talked to 1990 its German headquarters in Dusseldorf. With the establishment of the Bank deutscher Länder, later the Deutsche Bundesbank in Frankfurt am Main, and the recentralization and concentration of numerous credit institutions in Frankfurt, path-dependent processes began that made Frankfurt the most important financial center in Germany not from an economic point of view, but rather due to external political directives from Allies after World War II. Before that, Düsseldorf benefited from having become the headquarters of the state central bank for North Rhine-Westphalia in 1948 . Today the headquarters of the Deutsche Bundesbank in Düsseldorf employs around 900 people.

The IKB Deutsche Industriebank AG settled in Hamburg after the Second World War, moved it to Düsseldorf in 1949 due to its proximity to its industrial customers. The Rheinisch-Westfälische Börse also developed into the leading stock exchange in Germany after the war in Düsseldorf. Another significant gain for the financial center was the bundling of Landesbank activities in NRW through the merger to form Westdeutsche Landesbank Girozentrale (WestLB) in 1969.

The biggest turning point for the Düsseldorf financial center in recent years was the financial crisis between 2007 and 2012. During this time, the epicenter of the German financial crisis was in Düsseldorf. In addition to IKB, WestLB, among others, had invested in US subprime loans. As a result, IKB was sold to the US private equity investor Lone Star , which WestLB finally smashed in 2012 after unsuccessful sales efforts.

dwpbank - Düsseldorf office
Targobank - headquarters
Sparda-Bank West - headquarters
NRW.Bank - headquarters

Credit institutions

In total, there are around 30,000 employees in Düsseldorf who are subject to social insurance contributions in finance and insurance companies, half of which are employed by the Düsseldorf credit institutions . In relation to the entire financial center, there are over 40,000 employees. In the city of Düsseldorf there are 83 credit institutions with headquarters or branches. With total assets of around 400 billion euros, the Düsseldorf financial center region is one of the largest banking locations in Germany.

The city of Düsseldorf does not have a closed banking district like Frankfurt am Main, for example. In recent years, several banks have relocated administrative units from the city center to other parts of the city. In a narrower sense, the area between Düsseldorf Stock Exchange and Düsseldorf Stock Exchange along Berliner Allee towards Graf-Adolf-Straße via GAP 15 towards Kasernenstraße and from there north to Benrather Straße and from Karl-Marx-Haus via Theodor-Körner- Street towards the Chamber of Commerce and Industry. Larger banks such as NRW.BANK , DZ Bank , Sparda-Bank West and insurance companies such as ERGO, ARAG and Provinzial Rheinland are therefore not included in this area. Within this banking district are the traditional head offices of Deutsche Bank and Commerzbank on Königsallee as well as the North Rhine-Westphalia banking association, as well as several Asian foreign banks such as the Bank of China , MUFG Bank and Mizuho Bank . The Targobank and HSBC Germany have their headquarters in the financial district.

The largest credit institutions in Düsseldorf include NRW.BANK , Deutsche Apotheker- und Ärztebank eG (apoBank) , HSBC Deutschland AG , Targobank , IKB AG , Sparda-Bank West eG , Stadtsparkasse Düsseldorf and the Kreissparkasse Düsseldorf , in descending order of total assets . The Stadtsparkasse Düsseldorf is the ninth largest German savings bank in terms of total assets in the state capital. In North Rhine-Westphalia, Stadtsparkasse Düsseldorf ranks third behind Sparkasse KölnBonn and Kreissparkasse Köln.

As the largest German state development bank and the largest credit institution in North Rhine-Westphalia, NRW.BANK will have three office locations with 1,000 employees in Düsseldorf from November 2019. The development bank continues to issue green bonds on a regular basis.

PSD Rhein-Ruhr eG - headquarters

According to the number of employees, the largest banks in Düsseldorf are HSBC Germany, which from 2020 will focus on the location in Düsseldorf-Oberkassel in addition to the headquarters on Königsallee (2,500 employees), Commerzbank AG (approx. 2,000), Stadtsparkasse Düsseldorf ( approx. 1,900), NRW.BANK (approx. 1,000), DZ Bank - formerly WGZ Bank (approx. 950), Deutsche Apotheker- und Ärztebank (approx. 900) and IKB (approx. 650). In terms of total assets, apoBank is the largest cooperative primary bank in Düsseldorf. From the PSD banking association, PSD-Bank Rhein Ruhr eG, the largest German PSD bank, is based in Düsseldorf. The Düsseldorfer Sparda-Bank West is the second largest in Germany in terms of total assets. Compared to Volksbank and Raiffeisenbanken in other German financial centers, Volksbank Düsseldorf-Neuss eG plays a subordinate role.

Other local banks include the Düsseldorfer Hypothekenbank , which was taken over by Aareal Bank, and Raiffeisenbank International .

Landesbanken

Since July 2012, Düsseldorf and the state of North Rhine-Westphalia no longer have their own Landesbank. The Helaba is after the acquisition of the composite banking business with the savings banks by WestLB AG , the largest regional bank in Dusseldorf. After Frankfurt / Main, Helaba has the second largest location in Düsseldorf with 450 employees (as of 08/2012). The WestLB successor company Portigon AG , on the other hand, only had 104 employees in Düsseldorf in 2018. With the employees in the foreign branches in New York and London, Portigon had 136 employees with total assets of approx. 5 billion euros. All of the major Landesbanks have a branch. In 2006, HSH Nordbank opened its first branch in Düsseldorf, which has since been privatized and operates as Hamburg Commercial Bank . BayernLB followed in 2010, Nord / LB in 2012 and LBBW / BW-Bank added in 2013.

Private banking financial center

The Düsseldorf financial center is one of the largest private banking locations in Germany. Merck Finck & Co. has its second largest location after Munich in Düsseldorf. The Bankhaus Lampe has its largest site in Dusseldorf, where the management and central and staff departments are located. Other private banks include Bank Schilling , Julius Bär , Bethmann Bank , Berenberg , Quirin Bank , UBS , Frankfurter Bankgesellschaft , Walser Privatbank , Merkur Privatbank and Oddo BHF . The latter is based in the Düsseldorf investment center through ODDO BHF Asset Management with one of the leading independent asset managers in Europe. In addition, HSBC INKA is one of the leading capital management companies in Germany with over 200 billion euros in assets under administration.

Düsseldorf Stock Exchange

The Düsseldorf Stock Exchange is one of the most important trading venues for private investors in Germany. Since 2017 it has been a branch of BÖAG Börsen AG based in Hanover and Hamburg, after the previous sponsors of the exchange, such as HSBC and Erste Abwicklungsanstalt , left. Investors can trade with market makers via the Quotrix electronic trading system from 8 a.m. to 10 p.m. without any exchange fees. The turnover volume of the Düsseldorf Stock Exchange in 2018 was 18.3 billion euros.

Transaction banks

Two large transaction banks for securities services enrich the Düsseldorf financial center. Today's number one, founded in 2005, HSBC Transaction Services with headquarters in Düsseldorf and around 500 employees, processes 61 million (2016) transactions annually in Germany. A further 40 million transactions will be added in 2020 as Commerzbank outsources its processing to HSBC. The number two securities processing company in Germany, dwpbank (German Securities Service Bank ), with 46.25 million transactions annually (2018), has its second largest branch with around 450 employees in Düsseldorf-Derendorf.

Foreign banks

The Düsseldorf financial center is the most important location for Japanese banks in Germany. The major Japanese banks MUFG , Sumitomo Mitsui Banking Corporation and Mizuho Bank have their German headquarters in the state capital. Chartered Investment Germany (CIG) is also based in Düsseldorf as a subsidiary of the Japanese securities trading bank PWM Japan Securities. Other foreign banks with branches in Düsseldorf include BBVA , Bank of China , Crédit Mutuel , ICBC and Wells Fargo .

Associations

With the Rhenish Savings Banks and Giro Association , one of the largest savings bank umbrella associations has its headquarters in the Düsseldorf financial center. The 29 affiliated savings banks employ more than 27,500 people and represent a business volume of over 162 billion euros.

Düsseldorf Stock Exchange - Headquarters
Commerzbank branch - Düsseldorf, Königsallee

The cooperative association - Association of Regions eV has one of its three administrative offices in Düsseldorf. The cooperative association looks after 379 credit unions with total assets of 457 billion euros.

The North Rhine-Westphalia Banking Association is based in the banking district on Königsallee and represents the common interests of the private banks operating in the state of North Rhine-Westphalia. In addition to the four major banks, they include almost 30 regional and specialist banks as well as 30 private bankers, branches of foreign banks and Pfandbrief banks.

The second largest trade union in the banking industry, the German Association of Bank Employees (DVB), has its federal headquarters in the Düsseldorf financial center. The DVB is the association of employees of all banks and financial service providers and represents their interests. There are six regional associations nationwide with 20,800 members.

The Deutsche Schutzvereinigung für Wertpapierbesitz eV (DSW), with around 30,000 members, is the leading German association for private investors. In addition to the headquarters in Düsseldorf, there are also eight regional associations nationwide, which are headed by honorary state managers. The protection association is the umbrella organization of around 7,000 German investment clubs.

The Association of Public Insurers is the common umbrella organization of all public insurance companies in Germany. It represents all 10 public primary insurance groups, which together are the second strongest force in the German insurance industry. In addition to its headquarters in Düsseldorf, the association also has offices in Berlin and Brussels. The association creates and uses synergies and works closely with the association partners in the Sparkassen-Finanzgruppe.

Insurance

Kreissparkasse Düsseldorf - headquarters

The largest insurance companies in Düsseldorf include the ERGO insurance group , Deutsche Rück , ÖRAG , ARAG and the Provinzial Rheinland insurance group . After the merger with Münsteraner Provinzial Nord-West, Düsseldorf becomes the seat of property and casualty insurance. Other insurers are Interlloyd, the Australian QBE and the Japanese insurance groups Tokio Marine and Sompo. In 2007 the Dutch insurance group Monuta and in 2018 the life insurer DELA opened branches in Düsseldorf. With around 11,000 employees, Düsseldorf is one of the largest insurance centers in Germany. Over 12,000 employees work for insurance companies in the financial center region.

Leasing and factoring service provider

Düsseldorf is an important location for leasing and factoring service providers. The companies based in Düsseldorf include BNP Paribas Factor GmbH, LeasePlan Deutschland GmbH, DLL De Lage Landen , Bibby Financial Services GmbH, Zahnärztliche Abrechnungsgellschaft AG, BTMU Lease (Deutschland) GmbH, Athlon Germany GmbH, AvP Deutschland GmbH and Komatsu Financial Germany GmbH.

ARAG headquarters

FinTechs

Around 20 FinTechs are represented in the Düsseldorf financial center. Auxmoney and Compeon are among the largest. Auxmoney was founded in 2007 and connects borrowers and investors via a digital marketplace. With 313 employees, Auxmoney has been growing rapidly for years and will move into its new headquarters in Düsseldorf's banking district in mid-2020. Compeon, a product and provider-independent full-service provider for SME financing, was founded in 2013 and has 80 employees.

Other FinTechs in the Düsseldorf financial center are Kreditgenie, Ebury Deutschland, Leasingmarkt.de, vat4you, Yareto and A.IX Capital.

Private equity and venture capital

Düsseldorf is one of the most important regional financial centers for private equity in Germany. The Federal Association of German Private Equity Companies has ten private equity firms based in Düsseldorf. The venture capital companies based in Düsseldorf include, for example, Sirius Venture Partners GmbH, EnjoyVenture Management GmbH, Avedon GmbH or Magmatic Ventures.

Other financial center players

In addition to the city of Düsseldorf, other important financial service providers are located in the financial center. These include the German headquarters of the Santander Consumer Bank in Mönchengladbach and the GEFA Bank in Wuppertal. The RheinLand-Versicherung , the Bürgschaftsbank Nordrhein-Westfalen, the Bank11 and the RCI Bank are located in Neuss . The Targobank service center is located in Duisburg with around 2,000 employees.

In addition, the Düsseldorf financial center includes other players who offer the finance and insurance industry additional services that are essential for a financial center ecosystem or financial cluster. These include (commercial) law firms, auditing, asset managers and family offices , management consultancies, real estate companies (e.g. BNP Paribas Real Estate Germany , Angevelt Immobilien), financial press, as well as associations and organizations that represent and support the finance and insurance industry in terms of professional policy (e.g. Düsseldorf Chamber of Commerce and Industry , Association of Public Insurers , Düsseldorf Economic Development Agency). With the Creditreform Group in Neuss near Dusseldorf a well-known German and international operations is credit agency established, which also operates in the areas of rating and receivables management.

ERGO headquarters

Access to skilled workers is of central importance for a vital financial center. This is ensured through cooperation with colleges and universities. The financial center of Dusseldorf has a variety of educational institutions such as the Heinrich-Heine University , the FOM -Hochschule, WHU Otto Beisheim School etc. In Duisburg also the european center for financial services (ecfs) as an independent research institute at the Mercator School of Management at the University Duisburg-Essen settled. Financial center initiatives that contribute to location marketing, among other things, are not yet bundled in the financial center region. Corresponding formats are, for example, the banking network of VÖB-Service GmbH, the Düsseldorf bank symposium organized by the FOM , the financial forum private banks of the Rheinische Post , the forum Bundesbank of the head office of North Rhine-Westphalia and, at irregular intervals, the European Finance Forum (EFF) with its Düsseldorf branch. In the area of ​​social media, for example, the XING group Düsseldorf Banking & Finance serves to exchange information about the Düsseldorf financial center.

With the Handelsblatt -Media-Group, one of the largest business and financial newspapers (including Handelsblatt, Wirtschaftswoche) is based in Düsseldorf. The Börsen-Zeitung is also represented with an office in Düsseldorf.

Since 2008, the proportion of employees in the Düsseldorf financial center in the so-called knowledge-intensive services (KIBS - knowledge intensive business services or advanced producer services), financial services, accountancy, advertising, law and management consultancy, has risen sharply. In the field of auditing, Düsseldorf is one of the top locations in Germany. The Big Four auditing firms Deloitte (approx. 2,000 employees), EY (approx. 900 employees), KPMG (approx. 1000 employees) and PwC (2,500 employees) are all represented with larger units in Düsseldorf. In Düsseldorf-Oberbilk, PwC has the largest German location next to Frankfurt am Main. 600 employees were relocated from Frankfurt to Düsseldorf as part of a relocation. All of PwC's internal services will in future be managed from Düsseldorf. These include human resource management, finance and communication. A pan-European administrative unit will be set up by PwC from Düsseldorf over the next few years. In addition, PwC Strategy & (Germany) GmbH, another company in the PwC Group, has its headquarters in Düsseldorf. Internationally active management consultancies such as Roland Berger and Bain & Company are represented with branches, as well as McKinsey and AT Kearney with their German headquarters . The Boston Consulting Group (BCG) has its second largest location here.

Düsseldorf is also one of the most important jurisdictions in Germany. Of the ten largest commercial law firms in terms of turnover in 2018, all have an office in the Düsseldorf financial center.

See also

Web links

Individual evidence

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  2. ↑ a b Tobias Rafael Finke: FinTechs as financial center players in Berlin and Frankfurt am Main. Between cooperation and competition with banks . 1st edition. Dr. Kovač, Hamburg 2019, ISBN 978-3-339-10568-4 , p. 35-36 .
  3. ↑ Hans-Peter Burghof, Uta Herbst, Raimund Krumm: Investigation of the location factors of the financial center Stuttgart / Baden-Württemberg . Ed .: Institute for Applied Economic Research, Chair for Banking and Financial Services at the University of Hohenheim. Tübingen / Stuttgart January 2008, p. 6, 44 ff . (74 pp.).
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