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.