DZ Privatbank, the private banking provider from the cooperative sector in Germany, has relocated its headquarters from Luxembourg to Frankfurt.
The move, which brings the bank closer to its parent company DZ Bank, was finalised at the beginning of January, a spokesperson for DZ Privatbank told Bloomberg on Wednesday.
“This decision was taken by the owners in order to achieve even closer integration with the cooperative financial group and the DZ Bank Group,” the spokesperson said.
The Luxembourg office will continue to operate as a branch in the future.
SA becomes AG
The relocation, which was first reported on by the banking and fintech publication Finanz-Szene, has also seen the company undergo a change to its legal form, switching from a Luxembourg public limited company to a German public limited company.
According to the company, there will be “no significant changes” for customers and business partners.
All contact persons, account and custody account numbers as well as its existing range of services remain unchanged, it said.
DZ Privatbank’s assets under management recently totalled around €27.6 billion, according to DZ Bank’s half-year report.
The company earned around €53 million before taxes in the first half of the year, roughly equivalent to the same period last year.
(This article was originally published by Bloomberg in German. Machine translated using AI, with editing and adaptation by John Monaghan.)