Another milestone on the way to expanding the bank into new business areas
Renell Bank AG, Frankfurt received the licence for financial portfolio management from the German Federal Financial Supervisory Authority (BaFin) on 24 June 2021. This means that the new business segment can be launched before the end of this year. The Bank will launch two funds at the beginning, the planning of which is already very advanced.
Marc Renell, CEO of the bank: “The expansion of the bank with new business areas is taking more and more concrete shape, we are pleased to have reached this milestone.”
Renell Bank was founded in Frankfurt in 1985 and has been an owner-managed private bank ever since. It is authorised and regulated by BaFin, Deutsche Bundesbank and FINMA (Switzerland). The bank is also a member of the Compensatory Fund of Securities Trading Companies (EDW). The original main business segment was price fixing in securities (shares, bonds, funds) on stock exchanges. Since 2020, the bank has focused on corporate finance and now also financial portfolio management. The funds planned at the beginning will be aimed primarily at institutional investors with a specialised investment strategy.