Commerzbank is continuing to accelerate the restructuring of its private customer division and is closing the doors of its online broker onvista bank. There is now a need for action for customers with Onvista depots.
- Commerzbank with a focus on a two-brand strategy
- Online broker onvista bank is closing
- Customers have to look for another provider
At Commerzbank, restructuring efforts are in full swing. The focus is particularly on cost-cutting and optimization measures, to which numerous physical branches have already fallen victim. Now the Frankfurt bank’s private customer business is being further curtailed: the company’s online broker, onvista bank, is affected.
onvista bank will be closed
As the financial institution announced, in the future it will only appear under the brands “Commerzbank” (full bank) and “comdirect” (online full bank) instead of three brand offerings. The online broker onvista bank will be discontinued by the end of 2025 at the latest.
The decisive factor in choosing a two-brand strategy should be comparable products with a superior range of services that customers could use at comdirect.
The financial portal Onvista.de, which will be continued as an independent subsidiary, is not affected by the changes.
Depot relocation involves effort
onvista bank customers are now forced to open a new depot because there should be no internal migration of the depots to the group’s own comdirect. However, depository customers can transfer their existing onvista depot to comdirect using a depository transfer or switch to the competition.
Spoiled for choice with a new online broker
The decisive factor for current onvista bank customers when choosing a new broker is the cost structure, because the previous Commerzbank brand started out as a broker for particularly price-conscious investors. In the meantime, the broker offerings for German investors have become significantly more diverse, especially since so-called neobrokers are now also intensively advertising for customers.
Private customers remain the company’s focus
Even after Commerzbank’s decision to close the online broker onvista bank, the bank wants to continue to focus on the private customer sector, but will particularly target wealthy customers more closely. In the next few years, more business with wealthy private customers and additional digital offerings for corporate customers should bring the institute increasing profits, according to the latest publication of the balance sheet for the 2023 financial year.
Inspired by the interest rate turnaround, Commerzbank earned 2.2 billion euros in 2023, setting a profit record. But we don’t want to rest on our laurels, assured CEO Manfred Knof. “After the game is before the game.”
Editorial team finanzen.net
– On our own behalf –
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