Rabobank closes private client business in Germany

Rabobank closes private client business in Germany

Dutch Rabobank is withdrawing its private customer business from Germany. Buyer of direct bank brand Rabodirect operating here has not been found.

Dutch rabobank Ends its business with private clients in Germany. “Following no suitable buyers for the affected direct bank brand RaboDirect, it was decided to close RaboDirect by the end of the year,” the institute announced in Frankfurt on Wednesday.

According to a spokesperson in Germany, the bank currently has 250,000 private customers. According to the information, their total investment volume exceeds eight billion euros. “We will do our best to ensure a smooth closing process for all customers,” assured Klaus Weins, European Head of Direct Banking and Germany Head of Rabobank. 62 RaboDirect employees are also affected by this decision.

Corporate banking not affected

RaboDirect was launched in Germany in 2012 with an offer for private customers. The institute had lured people with comparatively attractive interest rates on overnight money and savings accounts. However, deposits are increasingly becoming a burden for financial institutions as they themselves rely on money held in the European Central Bank.EasyB) park, negativezinsen have to pay.

The corporate client is not affected by the business decision, stressed the institute. Rabobank in Germany still sees potential for development in this area.

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