Commerzbank: Best Universal Banking Services Germany 2021
Flexibility and innovation have enabled Germany’s Commerzbank to adapt and prosper for more than 150 years. These aptitudes are as important today as ever as the world adjusts to the consequences of climate change, and Commerzbank, a leading player in both SME and corporate finance, is moving rapidly to tackle the challenges. Indeed, Manfred Knof, the recently installed CEO of Commerzbank, describes his organisation as “financiers of the green transformation”. Sustainability, he says, has become a fundamental pillar of the company’s business model. Commerzbank has set a commitment to become a net zero business by 2050 at the latest. The company has pledged to support its 11.6 million customers to make the transition to full sustainably. To that end Commerzbank plans to mobilise 300 billion euros by 2025, tripling its sustainable business volumes from its 2020 position. An indication of the company’s intentions is a guarantee not to finance any new coal-fired power plants. In the past two years alone, the bank’s exposure to coal-related business has been halved. Commerzbank intends to expand this policy to include gas and oil by 2022. Despite its size, the bank prides itself on a focus on personal contact with customers, maintaining teams of hands-on advisors for clients across its network of 800 branches. Approval ratings indicate that the level of customer satisfaction with Commerzbank services remains consistently high. In 2021, for the third consecutive year, the CFI.co judging panel has no hesitation in presenting Commerzbank with the award, Best Universal Banking Services Germany.
