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Finance – an economic sector that most people would associate with Frankfurt – plays an important role in North Rhine-Westphalia: More than 350 credit institutions, i.e. banks, savings banks, home loan banks, etc., have their headquarters in NRW. This puts the federal state in second place behind Bavaria. In addition, about 260 financial service institutions and more than. 180 insurance companies are based here.
Important members of North Rhine-Westphalia's banking community are traditional private banks such as Sal. Oppenheim in Cologne and HSBC Trinkaus & Burkhardt in Düsseldorf. Since the merger of the Cologne and Bonn municipal savings banks, the region now boasts Germany's largest municipal savings bank. NRW.BANK is the largest German state promotional bank. Amongst other things, it supports start-ups and small businesses.
The gross value added of the credit and insurance industry in NRW in 2008 was approx. EUR 16.4 billion.
The importance of the industry is also reflected in the number of jobs it provides: 220,000 employees work in finance in NRW, including about 142,200 in banking. The insurance trade in particular is strongly represented, with around 77,230 employees and therefore a quarter of all insurance employees in Germany. The city of Cologne is not only the oldest, but with 27,680 employees also the second largest insurance locations in Germany.
Finance in NRW also enjoys a good reputation at an international level: Düsseldorf, for example,is an important location for Japanese banksand with sales of EUR 60 billion, the Düsseldorf Stock Exchange is one of the leading stock exchanges in Germany. Cologne is home to major foreign insurance companies.
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