A simple plan
Changes to capital gains tax and the spectre of counterparty risk have done no favours for the German structured products market in the latter half of 2008. But with a level tax landscape due in 2009 and a move towards simple structures, Berenberg Bank believes the market is set to rise. By Emma Dunkley.
Since opening in Hamburg back in the sixteenth century, Berenberg Bank has become the oldest, independent private bank in the world. Hamburg now houses the bank's headquarters, with six offices established in Germany as well as branches across Europe. In 2003, Berenberg entered the German structured products market, which peaked in September 2007 with EUR140 billion notional outstanding, a figure which has since dropped to EUR110 billion in September 2008, according to Deutsche Derivate Verband
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