The closure of bank branches in Germany is continuing at an accelerated pace, reported dpa.
Last year, the number of branches fell by 1,631, or 8.4%, to 17,870 locations, the German central Bank (Bundesbank) announced on Thursday.
In the previous year, the decline was around 5%, and in 2022 it was 6%. The reasons for this are the increasing use of online banking and the weak earnings situation of individual banks in the low interest rate phase.
As a result, the personnel-intensive branch business is being cut back.
According to the Bundesbank's figures, it was mainly the big banks that closed a lot of locations. They accounted for 1,280 closed branches, while only 178 branches were lost at savings banks. Cooperative banks withdrew from 186 locations.
In other sectors, however, a small number of new branches have also been added.
With 6,926 branches and a share of 38.8%, savings banks remain the largest branch provider nationwide, ahead of the cooperative Volks- und Raiffeisenbanken with 6,402 units.
At the end of 2024, the major banks had only 3,292 branches, including those taken over by Deutsche Bank from Postbank.
The number of credit institutions is also declining. At the end of the year, the Bundesbank counted 1,368 units, 35 fewer than a year earlier. This includes 25 cooperative banks that have merged with partners. The 45 departures were offset by ten new additions. These are mainly foreign banks that have established a presence in Germany.
- German bank
- Branches
- Shrinking
Source: www.dailyfinland.fi
