Arab Today, arab today german giant commerzbank to expand swiss operations
Last Updated : GMT 04:21:22
Arab Today, arab today
Arab Today, arab today

German giant Commerzbank to expand Swiss operations

Arab Today, arab today

Arab Today, arab today German giant Commerzbank to expand Swiss operations

Berlin - AFP

German giant Commerzbank said Tuesday that it was launching a massive expansion of its operations in Switzerland with the aim of tapping business sector clients. The move came just months after the bank said 5,000 jobs would be axed as it tots up the toll from the financial and sovereign debt crises. Its also comes amid intense international pressure on Swiss banks over the country's banking secrecy rule that critics claim is helping to shield tax evaders. In a statement, Germany's number two bank said that next year it would open six regional offices in the Swiss cities of Basel, Bern, Lausanne, Lucerne, Sankt Gallen and Zurich. It also expected to double its current staff number in Switzerland to 200, it added. The bank's target group is small- and medium-sized businesses with an annual turnover of at least 15 million Swiss francs (12 million euros, $16.4 million), as well as multinationals. Many such businesses traditionally work with less well-known local banks than Swiss giants UBS and Credit Suisse. Commerzbank, which has been in the Swiss market since 1985, also numbers among its clients German businesses with operations in Switzerland. Globally, Commerzbank has some 56,000 employees and posted gross profits of 10 billion euros in 2012. It decision to expand operations with a small-business focus contrasts with that of UBS, for example. The Swiss behemoth announced a massive restructuring a year ago, including 10,000 job cuts and a shift of focus to wealth management and a scaling down of its scandal-plagued investment bank. Commerzbank's move also comes even though its homebase Germany and Switzerland have repeatedly locked horns over tax evasion. Last month, Switzerland announced that it would cooperate more closely in fighting money laundering, marking a further loosening of bank secrecy after it signed an accord to fight tax evasion. But Switzerland will still refuse its cooperation in cases stolen bank data are presented to be used in an investigation. There has been a string of scandals in recent years over CDs of data stolen by employees of Swiss banks who have then sold them to foreign tax authorities, notably in Germany, where they are used to track down suspected tax cheats.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today german giant commerzbank to expand swiss operations Arab Today, arab today german giant commerzbank to expand swiss operations

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today german giant commerzbank to expand swiss operations Arab Today, arab today german giant commerzbank to expand swiss operations

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday