Noerr advises Frankfurter Volksbank on innovative collaboration with Taunus Sparkasse
Noerr has advised Frankfurter Volksbank on establishing and operating joint bank branches as part of a collaborative venture with Taunus Sparkasse. With their collaboration, the banks will continue to offer their customers local customer care and advice in person.
Using this innovative approach, Frankfurter Volksbank and Taunus Sparkasse intend to combine nearly 50 of their branches and in order to offer their banking services in 26 jointly operated FinanzPunkt branches in the Hochtaunus and Main-Taunus regions. The collaboration involves the banks always advising their customers independently of each other and at different times, i.e. staffing the branch and advising customers on different days. In addition, each bank will have its own IT systems with which only its employees work.
A team from Noerr led by Fabian Badtke, Torsten Fett and Jens H. Kunz advised Frankfurter Volksbank on this unprecedented collaborative venture. This is the first time that a mutual savings bank (Frankfurter Volksbank) is cooperating with an institute under public law (Taunus Sparkasse) in operating physically staffed offices. Noerr advised on all aspects of the collaboration.
Frankfurter Volksbank, which has total assets of some €12.1 billion and a total capital ratio of 22.9%, is one of Germany’s largest and most financially sound cooperative banks.
Advisors to Frankfurter Volksbank eG: Noerr LLP
Dr Fabian Badtke (Antitrust), Dr Jens H. Kunz, Dr Torsten Fett (both Financial Regulation, all Frankfurt, joint lead), Jessica Loew (Berlin), Dr Christoph Rieken (Munich, both IP), Prof Joachim Schrey (Digital Business, Frankfurt)
Associates: Dr Stefanie Hermann (IP, Munich), Julian Monschke (Data Protection), Lars Powierski (Digital Business, both Frankfurt), Robert Pahlen (Antitrust, Berlin)