Furst Fugger Privatbank, the private banking business of German insurer Nurnberger Versicherung, has opened its first retail branch outside ...

Furst Fugger Privatbank, the private banking business of German insurer Nurnberger Versicherung, has opened its first retail branch outside of the German state of Bavaria and plans to target some of Germany’s wealthiest individuals, according to a report in Borsen-Zeitung. The new office will be in Stuttgart, which will complement the bank’s headquarters in Augsburg, and branches in Munich and Nuremberg. The bank said it plans to target clients with between €40 million ($32.2 million) and €50 million at its new branch in Stuttgart. The bank said it regards Stuttgart and its surrounding areas as an interesting market for private banking activities and intends to offer services such as asset management to wealthy private customers.