The continuity of the files of the 57,000 current clients will be ensured, but 25 employees are affected by this decision.
The Schwäbisch Hall savings bank for real estate projects will not continue its activities after 31 December this year, RTL said on Wednesday.
This information was confirmed by the savings bank, which refers to the need to make investments in order to continue providing a quality service and the difficult context of low interest rates. In other words, the need to rationalise costs.
Present in Luxembourg since 1991, Schwäbisch Hall worked with several partner banks in Luxembourg to distribute its home savings solution. The company had 57,000 clients whose files will be transferred internally. This amounted to €4.6 billion.
The 25 employees will be offered alternative employment opportunities within the group.