Frankfurt-listed Commerzbank has said it expects other lenders to follow Credit Suisse's recent move to sell its private bank in Germany, opening opportunities for Commerzbank to expand its wealth management business.

Frankfurt-listed Commerzbank has said it expects other lenders to follow Credit Suisse's recent move to sell its private bank in Germany, opening opportunities for Commerzbank to expand its wealth management business, a divisional chief has been reported as saying.

"This (wealth management) market will change a lot over the next two, three years. Other Swiss banks are exiting the German market. That's where I see our chance," Gustav Holtkemper, head of Commerzbank's wealth management business, told Euro am Sonntag in an interview published online at the weekend.

Credit Suisse said in December it has agreed to sell its private bank in Germany to Frankfurt-based Bethmann Bank, which is part of ABN AMRO; Credit Suisse is focusing on ultra high net worth clients to boost overall profitability. Among other changes, Credit Suisse in October 2012 agreed to sell its Clariden Leu (Europe) business to Falcon Private Bank. The Swiss private banking industry has witnessed a number of M&A moves as the bank secrecy model of the Alpine state has come under global pressure.

According to a report by Reuters, Credit Suisse’s German exit will push Bethmann into third place among private banks in Germany, behind Commerzbank and Deutsche Bank .

Commerzbank's wealth management business, the second-biggest in Germany, has about 70,000 customers and €53 billion ($72.15 billion) under management, giving it a market share of about 10 per cent, the newspaper report said. "We aim to expand our market share," Holtkemper said; he did not provide a specific target.