An additional 800 square meters of office space and thirty more employees by 2027: Commerzbank is looking to expand its business in Zurich. This information comes from a report by the «Luzerner Zeitung» (article behind a paywall) and a press release.

The bank has rented two more floors at Pelikanplatz, now occupying three-quarters of the large building.

«Growth Strategy»

Marc Steinkat, who leads Commerzbank’s activities in Switzerland as CEO, justifies the expansion strategically: «We promised a growth strategy for Switzerland, and we will deliver it.» He further explains the expansion by saying that the order pipeline is well filled.

Since Commerzbank in Switzerland focuses on corporate banking, particularly for export-oriented companies, the announcement is also being interpreted as an attack on UBS, which has been struggling to take over the legacy of Credit Suisse, as reported by finews.com.

Strong Half-Year Results

Just two days ago, the bank, headquartered in Frankfurt am Main, released its half-year figures. With an operating profit of 2,0 billion euro, Commerzbank presented the best figures in 15 years, an increase of 11 percent compared to the previous year.

CEO Manfred Knof highlighted the contribution of the corporate banking business to this result. Commerzbank does not publish separate figures for Switzerland.