|
|
|
|
Frankfurt's bankers with their now traditional black suits and garish ties invariably enter any conversation that involves keeping the city in the financial sector's top league. Irrespective of whether the discussion is about merger plans on the stock market, initiatives on how to reduce bureaucracy or ideas on how to attract direct foreign investment, they are at the forefront. In order to keep Frankfurt in its current dominant position, the banking community has set up the IFD, an initiative to promote Germany as an international financial centre, with the aim of encouraging wide-ranging discussion forums throughout the financial sector. The objective is for Frankfurt to improve its international competitiveness. «We are working on concepts that will benefit the whole economy, which in turn will benefit the financial sector,» says Deutsche Bank board member Hermann-Josef Lamberti. «Over 220 experts from the IFD's member groups are working on products and measures which have very concrete uses for customers, private customers as well as companies.» As the financial sector's mouthpiece, the IFD is also heavily involved in political discussions and is pushing for more favourable business conditions for Frankfurt's financial centre. «An attractive environment is essential for the financial sector to maintain its position,» says market expert Fidel Helmer of private bank Hauck & Aufhaeuser. Otherwise, international banks will just move elsewhere, with «sometimes over-complicated bureaucracy» at the centre of any criticism, he says. German bureaucracy does not make it easy for foreign banks to do business in the country, but despite this hurdle the world's top financial houses continue to taking up residence in Frankfurt's skyscrapers. «There are 400 financial institutions with their headquarters in Frankfurt,» says Helmer. «This alone underlines the international role the city plays.»
It is no surprise that bankers and stockbrokers call the city situated on the Main river «Mainhattan.» However, Helmer believes it is essential the ECB remains in Frankfurt if it is to retain its status. «The music plays where the ECB is,» he says. Deutsche Boerse is also an important element in Frankfurt's success as a financial hub. The people running Frankfurt's stock exchange are intimately involved in the current takeover battles involving the world's largest stock exchanges. With a turnover of 1.6 billion euros (1.93 billion dollars), the Deutsche Boerse AG recorded it's best ever result in 2005. Chairman Reto Francioni is especially proud of the attractive prices offered by his company. «Deutsche Boerse is the price leader - in the sense of offering the most reasonable prices. We want to, and can, retain this position.» The futures market is also a success. Despite the «Deutsche» in its name, Deutsche Boerse is an international company, with well over half its turnover coming from foreign customers. At the end of a hectic day's work, a Frankfurt stockbroker can often been seen with a glass of «Ebbelwoi» (apple wine), living up to the saying that they «deal globally and drink locally». © dpa - German Press Agency
Click for the Finfacts Germany 2006 Page
© Copyright 2007 by Finfacts.com |
