Targobank

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  Targobank AG
logo
Country GermanyGermany Germany
Seat Dusseldorf
legal form Corporation
Bank code 300 209 00
BIC CMCI DEDD XXX
founding 1926
Website www.targobank.de
Business data 2018
Total assets EUR 21.08 billion
insoles EUR 17.50 billion
Customer credit EUR 18.16 billion
Employee 4,601
Offices 318
management
Board Pascal Laugel (Chairman)
Berthold Rüsing
Maria Topaler
Supervisory board René Dangel (Chairman)
Birgit Paul (Deputy Chairman)
Frantz Rublé (Deputy Chairman)

The Targobank AG (proper spelling: TARGOBANK ) is a predominantly active in Germany in retail banking Bank , based in Dusseldorf . It has been part of the French Crédit Mutuel banking group since 2008 . It previously belonged to the American Citigroup and operated as Citibank Privatkunden AG & Co. KGaA until 2010 and as a customer credit bank until 1991 .

history

Customer credit bank

In 1926 the Kundenkreditbank (KKB) in Königsberg, East Prussia, was the first bank in Germany to grant loans to private consumers. In the same year, the American The National City Bank of New York , which emerged from the City Bank of New York founded in 1812, opened a branch on Unter den Linden in Berlin as part of its international expansion . In 1935, the KKB moved its headquarters to Düsseldorf. With the outbreak of World War II , the American Bank closed its Berlin office and settled in the post-war low in 1953 in Frankfurt am Main.

Takeover by Citibank

The National City Bank of New York named in 1955 after a merger with the First National Bank in First National City Bank (of New York) to. This took over the KKB customer credit bank in Germany in 1973 and continued the name KKB for its German private customer business until the 1990s. First National City Bank operated in the USA as Citibank from 1976 and finally renamed its German business in 1991 to Citibank Privatkunden AG .

From 1995 Citibank cooperated with Deutsche Bahn . So should future BahnCards u. a. can be issued with a credit card function. The processing of customer data and photos in the USA led to a review by German data protectionists, as the legal basis for this was not clear. The cooperation was accompanied by strong criticism in the media (see BahnCard ) and ended by Deutsche Bahn in March 1999.

In 2003 the name was changed to Citibank Privatkunden AG & Co. KGaA . By the early 2000s at the latest, the German Citibank had a reputation for lending high-interest loans to private customers with poor credit ratings .

Headquarters Targobank Düsseldorf

As of July 1, 2007, the German Citibank sponsored the Werder Bremen football club . They were the main sponsor and shirt sponsor for five years, during which time the upheaval at Citibank took place, which meant that the players temporarily wore the advertising slogan “This is how bank today” on their chests instead of the company name, before the 2010 season began / 2011 moved to the Targobank logo.

Takeover by Crédit Mutuel and name change

In July 2008 it was announced that the French cooperative bank Crédit Mutuel is buying the private customer business of Citibank in Germany, which was then troubled by the crisis. The price was EUR 4.9 billion plus the profits made in the 2008 financial year up to the date of the takeover. In December 2008, the Citibank Deutschland Group became part of the French Crédit Mutuel banking group. The brands Citi , Citibank and Citibank with Arc Design were initially continued by Crédit Mutuel under license from Citigroup Inc. Citibank itself remained based in Frankfurt am Main with its major customer business as Citigroup Global Market Deutschland AG .

In Germany, the Crédit Mutuel subsidiary only appeared on the market as a Targobank from February 22, 2010 . In Targo is a pure art word from copywriter Manfred Gotta was developed to increase the acceptance of the company worldwide.

From 2011 to 2014 there was a cooperation with the TV broadcaster ProSieben . In addition to the payment function, the corresponding card was equipped with added value: in addition to competitions and discounts from various partners, it also offered the option of purchasing tickets for ProSieben events before the official start of sales.

In August 2012, Targobank presented a solution for mobile payment in which an NFC chip issued by the bank was attached to the back of a mobile phone. The offer was made available in cooperation with MasterCard and the E-Plus brand BASE .

From the 2012/13 season, the company appeared as the new official partner of the DFB-Pokal, at the same time the jersey sponsorship at Werder Bremen was given up, but without ending the cooperation as a whole. The contract with the DFB had a term of four years. The bank received an attractive package of rights for all 63 games in the competition, for example a broad TV presence through perimeter advertising.

Targobank service center in Duisburg

Takeover of part of Valovis Bank

Targobank announced in December 2013 that it would take over the private customer business of Valovis Bank (the former Karstadt-Quelle-Bank). It has belonged to Targobank since May 30, 2014, in particular the credit card business with around 800,000 customers. The system integration took place by mid-2016.

Takeover of GE Commercial Finance

In August 2016, the leasing and factoring business operating under the name GE Commercial Finance was taken over by the German GE Capital, the financial arm of the General Electric group, and has since operated under the name Targo Commercial Finance .

Merger between Targo Commercial Finance and Targobank

The TARGO Commercial Finance AG , Mainz was merged into Targobank AG, Dusseldorf on January 1, 2018th

Structure of the former Citibank

Citibank Germany logo
Targobank branch

In Germany, Citibank was represented by the following companies, among others:

  • Citibank Privatkunden AG & Co. KGaA , based in Düsseldorf , which was created in 2003 through a change of name from Citibank Privatkunden AG . Since September 30, 1991, the German Citicorp subsidiary has been operating under the name Citibank, having previously taken over the customer credit bank (KKB) and its customer base.
  • Citicorp Dienstleistungs GmbH with its registered office in Duisburg . Citicorp Dienstleistungs GmbH was founded in 1999 as a subsidiary of Citibank Privatkunden AG.
  • Citicorp Deutschland GmbH in Düsseldorf as the management holding company for the other companies in Germany.
  • In 2001, Citifinanzberatung GmbH was founded, based in Düsseldorf, where the mobile customer advisors are employed. This subsidiary was the fastest growing in 2006. The number of employees in the Mobile Sales Force , as the sales force at Citibank are called, was around 230 at the end of 2008.

Online banking / mobile banking

Targobank accounts can be managed online via home banking and via an app on a mobile phone. In addition, administration by telephone is possible via a voice dialogue system. Various TAN procedures are available to authorize transfers ; You can choose between an mTAN via SMS , authorization via app (easyTAN) and a photoTAN reader.

Others

With the Girocard from Targobank, customers in France can also withdraw cash free of charge from Crédit Mutuel and Crédit Industriel et Commercial , as well as from Targobank ATMs in Spain and Observer in Belgium.

criticism

The image of the former Citibank in the German press was ambivalent. Citibank was named the “most customer-oriented bank in Germany 2006” (awarded by the University of St. Gallen , Handelsblatt and Steria Mummert Consulting ), but at the same time it was regularly criticized for its lending practice (e.g. by consumer protection or plus minus ). Due to its bad reputation, Citibank started a new international campaign Our Common Responsibilities in 2004 .

Citibank Germany received negative headlines again in the wake of the collapse of the US investment bank Lehman Brothers on September 15, 2008. According to numerous media reports, Lehman Brothers certificates were sold particularly strongly in Citibank branches as a secure fixed-term deposit alternative to private customers - including a particularly large number of pensioners - who were confronted with the total loss of their investment as a result. In Germany alone, around 50,000 people are said to have been affected, the majority of whom were Citibank customers. According to media reports, Citibank was accused by financial experts of having, as the leading sales partner of Lehman Brothers, massively promoted the sale of Lehman certificates in Germany in order to provide the investment bank with fresh capital.

On May 28, 2009, at the end of long discussions with the North Rhine-Westphalia consumer center (NRW) , Citibank announced that they had agreed on a goodwill arrangement worth EUR 27 million. This was initially received positively by the media, but rejected by the Lehman victims' interest group as inadequate and mainly beneficial for the bank. The amount of goodwill only corresponds to a good five percent of the estimated total damage of 475 million euros, and even according to the bank's own assessment, two thirds of the damaged customers would go away empty-handed. The severance payment model provides for a multi-stage repayment of 30 to 80 percent for those cases involving sums that threaten the existence of the company and includes extensive exclusion criteria. The exact criteria were published on the website of the NRW consumer advice center.

In the fall of 2009, the consumer advice center showed, based on a sample of 15 banks, that they did not pass their sharply reduced refinancing costs on to customers. With Citibank's extra account , the overdraft facility interest rate was 16.99 percent. In 2010 the consumer advice center warned three banks about this practice. A bank signed a cease and desist letter; the consumer advice center took the other two - Targobank and Sparda-Bank Münster - to court. The Düsseldorf Regional Court ruled in December 2011 that the Targobank's interest clause was inadmissible, and the Targobank's attempt to have this judgment overturned by the Düsseldorf Higher Regional Court failed.

In view of the renaming of Citibank to Targobank, consumer advocates criticized in 2010 that the change from KKB to Citibank in 1991 had not changed the criticism of the lending business; the bank's business model was aimed at finding new borrowers and making them permanent debtors. In January 2010, consumer advocates complained that consumer loans were "systematically" granted, "the total costs of which are in the range of usury".

Web links

Individual evidence

  1. ↑ a b Master data of the credit institute at the Deutsche Bundesbank
  2. ↑ Annual financial statements as of December 31, 2018 in the Federal Gazette
  3. ^ History. In: targobank.de. Archived from the original on October 27, 2011 ; accessed on February 6, 2019 .
  4. ↑ a b history. In: citibank.de. Archived from the original on April 12, 2011 ; accessed on February 6, 2019 .
  5. ↑ Alexander Dix : Case Study: North America and the European Directive. Archived from the original on February 2, 1999 ; accessed on February 6, 2019 .
  6. ↑ Nicole Walter: Institutes specialize in customers with poor credit ratings. In: handelsblatt.com . May 19, 2003, accessed February 6, 2019 .
  7. ↑ Michael Braun: Takeover: Citibank becomes a French woman. In: rundschau-online.de . July 11, 2008, accessed February 6, 2019 .
  8. ↑ US banking crisis: Citigroup loses $ 10 billion. In: zeit.de . January 16, 2008, accessed February 7, 2019 .
  9. ↑ Citigroup is examining the sale of the German business. In: welt.de . April 11, 2008, accessed February 7, 2019 .
  10. ^ Citi to Sell German Retail Banking Operation to Credit Mutuel. In: citigroup.com . July 11, 2008, archived from the original on July 16, 2008 ; accessed on February 7, 2019 .
  11. ↑ Citibank financial institution is now called Targobank. In: welt.de . February 19, 2010, accessed February 7, 2019 .
  12. ↑ New name: Citibank will be called Targobank in future. In: spiegel.de . September 21, 2009, accessed February 7, 2019 .
  13. ↑ Alexander Zollondz: Mobile payment: NFC chip from Targobank and Base. In: netzwelt.de . August 1, 2012, archived from the original on April 25, 2013 ; accessed on February 7, 2019 .
  14. ↑ Targobank fleddd the former Karstadt bank. In: handelsblatt.com . December 2, 2013, accessed February 7, 2019 .
  15. ↑ Valovis Bank AG sells retail business to TARGOBANK. In: valovisbank.de . December 2, 2013, archived from the original on December 12, 2013 ; accessed on February 7, 2019 (press release).
  16. ↑ Frankfurter Allgemeine, December 3, 2013, p. 14.
  17. ↑ TARGOBANK completes takeover of retail business from Valovis Bank. In: valovisbank.de . June 2, 2014, archived from the original on June 5, 2014 ; accessed on February 7, 2019 (press release).
  18. ↑ Crédit Mutuel renames factoring and leasing business from GE Capital Germany to TARGO COMMERCIAL FINANCE. In: finanzen.net . August 10, 2016, accessed February 7, 2019 .
  19. ↑ Federal Gazette: Annual financial statements as of December 31, 2018. Accessed March 16, 2020 .
  20. ↑ Citibank Germany homepage. In: citibank.de. Archived from the original on October 12, 2007 ; accessed on February 7, 2019 .
  21. ↑ targobank.de: Home / app banking
  22. ↑ targobank.de: TAN procedure
  23. ↑ Citibank - payment protection insurance causes credit costs to explode. In: plusminus . December 12, 2006, archived from the original on December 20, 2006 ; accessed on February 11, 2019 .
  24. ↑ Heiko Spitzeck : Moral organizational development: what do companies learn from criticism from non-governmental organizations? , Diss. University of St. Gallen 2008, Haupt Verlag, Bern Stuttgart Vienna 2008, ISBN 978-3-258-07410-8 , p. 153 ff.
  25. ↑ Citigroup Annual Report 2005. (PDF; 1.33 MB) In: citigroup.com . Archived from the original on September 12, 2009 ; accessed on February 11, 2019 .
  26. ^ Interest group of the Lehman victims in Germany. Archived from the original on October 25, 2008 ; accessed on February 11, 2019 .
  27. ^ Lehman papers sold to the elderly and families. In: welt.de . August 4, 2009, accessed February 15, 2019 .
  28. ↑ Citibank Germany compensates Lehman victims. In: spiegel.de . May 28, 2009. Retrieved February 15, 2019 .
  29. ↑ Lehman victims reject Citibank offer. In: focus.de . May 28, 2009. Retrieved February 15, 2019 .
  30. ↑ Points system for determining the amount of the repayment. In: vz-nrw.de . May 28, 2009, archived from the original on September 16, 2009 ; accessed on February 15, 2019 .
  31. ↑ Sample at 15 financial institutions for the overdraft facility. In: vz-nrw.de . November 4, 2009, archived from the original on January 2, 2014 ; accessed on February 15, 2019 (press release).
  32. ↑ All about the current account. Overdraft interest: consumer center NRW sued banks. In: vz-nrw.de . August 19, 2013, archived from the original on January 2, 2014 ; accessed on February 15, 2019 .
  33. ↑ Overdrafts: Targobank's interest clause is not permitted. In: vz-nrw.de . June 15, 2012, archived from the original on June 29, 2012 ; accessed on February 15, 2019 .
  34. ↑ Nicole Bastian : Escape from the past: Citi becomes Targobank. In: handelsblatt.com . February 2, 2010, archived from the original on March 29, 2016 ; accessed on February 15, 2019 .
  35. ↑ Excessive lending rates: Away with the usury. In: faz.net . January 11, 2018, accessed February 15, 2019 .

Coordinates: 51 ° 13 ′ 27.3 "  N , 6 ° 46 ′ 33.5"  E