The St Galler Kantonalbank has opened its first office in Germany. Located in Munich, it is the first wholly-owned subsidiary of a cantonal bank in Germany.

The new subsidiary is part of the strategy of SGKB’s private banking business of expanding into profitable areas. It will operate within the group as a private banking boutique.

Altogether 14 people have been hired into the new subsidiary bank, with one exception all from Germany.

The chief executive Hans Jürgen Röwekamp has had more than 20 years experience with well-known German financial institutions.

The target clients of the new firm are individuals in Germany, plus foundations and family offices.