Reports
German Private Bank Reports $1.7 Billion Inflows

Despite the global economic tumult, Germany’s Berenberg Bank has reported private banking inflows of €1.3 billion ($1.7 billion) for 2008, and says that it intends to continue growing in 2009.
“The traditional values of a private bank are highly sought after particularly in such difficult times. Investors set great store by an individual and personal consulting service, continuity and value retention,” said partner Andreas Brodtmann.The Hamberg-based bank’s assets under management increased by 5 per cent to reach €20.3 billion at the end of 2008. Berenberg was not however untouched by the financial crisis, reporting a net profit for 2008 of €47.1 million, down from €61.1 million in 2007. However, the bank remains satisfied in light of the economic climate.
“It is true that in terms of profits, it is impossible in the current environment to come close to a historical record result like we had in 2007. However, we are very satisfied with the result achieved in 2008,” said Dr Hans-Walter Peters, speaking on behalf of the bank’s partners.
During 2008, Berenberg increased its payroll by 10 per cent to 837 and aims to continue to recruit in 2009 as part of ongoing expansion plans.
“We will take advantage of the ongoing year to continue on our growth path. Our aim is to gain further market shares. To this end, we will expand both our existing business segments and build up new areas. We will therefore continue to search for qualified staff,” said Dr Peters.
Berenberg is represented in Germany in eight locations, Hamburg, Bielefeld, Bremen, Düsseldorf, Frankfurt, Munich, Stuttgart and Wiesbaden, and will open a new representative office in Salzburg in the spring of 2009. The bank also has a private banking arm in Zurich where 63 members of staff are employed.