Deutsche Bank to boost Norisbank's customer base

6 October 2006

Deutsche Bank has said that it is intending to increase the number of customers for Norisbank – its recently acquired unit – by three times the current number.

Speaking at the German bank's Investor Day conference, Rainer Nesek, head of Deutsche Bank's private and business clients division, said that he hoped to see Norisbank's customer base grow from 300,000 to one million by 2010.

Current plans are for Norisbank to be rebranded and designed in order to attract new customers in the consumer banking and finance markets, AFX News reports.

The announcement follows Deutsche Bank's chief executive Josef Ackermann's call for his bank to increase its earnings through focusing more on consumer banking and money management.

Mr Ackermann said that the aim was to increase profits by as much as 40 per cent – the equivalent of $10.7 billion – by the end of 2008.

The chief executive has been credited with turning Deutsche Bank into the second largest trader in the world.

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