Commerzbank Revamps Wealth Unit to Grow Business With Ultra Rich.

Commerzbank AG is expanding its wealth management services for ultra-rich clients in an effort to increase fee income and defend against a potential takeover by UniCredit SpA. The bank is creating a division specifically for family offices and ultra-high-net-worth clients, with additional teams being added in Hamburg and Stuttgart. Commerzbank's move comes as other banks, such as JPMorgan Chase and Deutsche Bank, also focus on expanding their wealth management offerings in Germany. Acquisitions in the wealth management sector have also been on the rise, with BNP Paribas and ABN Amro Bank making recent purchases. [Extracted from the article]