Munich top financial center by liaoqinmei


									Munich: a top financial center!
Munich Financial Center Initiative

                                                                                  Munich’s financial community:
                                                                                  Role model and engine of
                                                                                  economic growth
                                                                                  Its paces of development and innovation have made Bavaria’s
                                                                                  economy an international headliner over the past decades.
                                                                                  During the past few years, the business world began following
                                                                                  a further chapter in this success story – that of the state’s
                                                                                  sizable and sophisticated financial community.
                                                                                  A few facts suffice to indicate the community’s size. Greater Munich is number one in
                                                                                  Germany in insurance, private equity, venture capital, leasing and asset management.
                                                                                  The metropolitan area is number two in banking. The Munich Stock Exchange is one of
                                                                                  Germany’s largest and most innovative trading platforms.
                                                                                  It alls adds up to a community whose spread of activity and quality of services are unex-
                                                                                  celled in Germany. Its size, sophistication and spread also make Munich one of Europe’s
                                                                                  main centers of financial transactions.

Contents                                                                          That the business world is now closely following the accomplishments of this metropolitan
                                                                                  area’s financial community is attributable to the endeavors of Munich Financial Center
            3   Editorial by Martin Zeil, Bavarian minister of economic affairs   Initiative. Bavaria’s economics ministry facilitated the founding of fpmi at the turn of
                                                                                  the millennium. The Initiative’s original members were several of Bavaria’s leading
            4   Munich: a briefing on a major financial center                    providers of financial services as well as the associations of the banking and insurance
                                                                                  industries. Since then, fpmi has developed itself into an advocate of all the players
            6   History                                                           comprising Bavaria’s financial community. These players include banks, insurers, venture
                                                                                  capital providers, leasing companies, chambers of commerce, business associations and
            8   Insurers
                                                                                  institutions of higher education. The success of fpmi’s endeavors is indicated by the
           10   Banks                                                             ever-greater number of companies headquartered outside Bavaria’s taking part in it.
                                                                                  Fpmi now has a great number of members and activities. Its objectives, however, remain
           12   Asset managers                                                    those formulated at its time of founding:

           15   The Munich Stock Exchange
                                                                                  - to help shape the development of Europe’s financial industry,
           16   Venture and private equity capital                                - to help Bavaria’s financial community maintain its competitive edge in the international
                                                                                    financial sector,
           17   Leasing and factoring                                             - to improve the efficiency of financing processes, and to initiate the development of new
                                                                                    models of financing, and
           18   Institutions                                                      - to support the further development of the financial and other business infrastructure in
                                                                                    Munich and in Bavaria as a whole.
           20   Research and education

           22   Munich: a leading business region                                 This brochure will show you why Munich is regarded as being of one of Europe’s leading
                                                                                  financial centers by briefing you on its companies, its institutions and their uniquely
           25   Expatriates / human resources                                     productive operating environment.

           26   Members of the Initiative / contacts

           27   List of illustrations

                                                                                  Martin Zeil
                                                                                  Bavaria’s minister of economic affairs, infrastructure, transport and technology
Munich Financial Center Initiative

Munich: a briefing on a major financial center
The hub of Bavaria’s financial community,      This initiative’s brief is to serve as the
greater Munich is one of Europe’s leading      international-level advocate of the state’s
financial centers. This top ranking is due     financial sector and its positions.
to Munich’s across-the-board strength.         The initiative’s job is also to acquaint
Thanks to the breadth of their portfolios of   the world with the Munich financial
cutting-edge offerings and the excellence of   community’s strengths:                        Insurance: a global leader
their services, its companies are leaders in                                                   Banking: one of Europe's most important banking centers
the banking, insurance, asset management,
venture capital, leasing and factoring
                                                                                             Asset management: a leader in Europe
segments.                                                                                    Munich Stock Exchange: one of the most innovative in Europe
Headquartered in Munich (Allianz,
                                                                                             Venture Capital / private equity: number one in Germany
Munich Re, HypoVereinsbank and                                                                                                  Leasing: Germany’s leader
BayernLB), Nuremberg (the Nuremberg
insurance groups) and elsewhere in
Bavaria (HUKCoburg), these companies
comprise a sector that is one of the engines
sustaining Bavaria’s growth. Many of these
companies joined with the state’s financial
organizations and institutions in setting
up the Munich Financial Center Initiative

4                                                                                                                                                       5
Munich Financial Center Initiative

History: More than 500 years of Innovation
Entrepreneurial boldness was behind the founding of Bavaria’s financial community – and
its growth into one of Europe’s pacesetters.

1486 The Augsburg-based Fuggers, Europe’s leading trading dynasty, sets up a bank that     1971   Nürnberger Versicherungsgruppe pioneers floating return life insurance in Germany.
     is still in existence today.                                                          1975   Nuremberg’s Noris Verbraucherbank becomes Germany’s first ‘self-service’ bank.
1774 Founding of Fürstlich Castell’schen Bank, Credit-Casse, in Castell.                   1994   ADIG launches Germany’s first money market fund.
1821 Bavaria’s first savings bank is founded in Nuremberg.                                 1994   Hypo-Bank founds Direktanlage-Bank, the first German discount broker.
1830 The Munich Stock Exchange begins trading.                                             1997   Munich Re assigns much of its direct insurance activities to its ERGO
1835 Founding of Bayerischen Hypotheken- und Wechsel-Bank AG (Hypo-Bank).                         Versicherungsgruppe AG subsidiary.
1864 Hypo-Bank introduces mortgage bonds.                                                  1998   Merger of Hypo-Bank and Bayerische Vereinsbank into Bayerische Hypo- and
1869 Founding of Bayerische Vereinsbank AG.                                                       Vereinsbank AG (HVB), thus creating Germany’s second largest bank.
1880 Founding of Munich Re.                                                                2000   Indexchange AG is the first company to issue exchange-traded funds (ETFs)
1889 Carl v. Thieme and Wilhelm v. Finck, Munich Re’s co-founders,                                in Germany on the DAX and on the Dow Jones Index.
     found Allianz Versicherungs-AG.                                                       2001   Allianz acquires Dresdner Bank.
1911 Founding of Bayerische Rückversicherung AG.                                           2001   Founding of fpmi – the Munich Financial Center Initiative.
1916 Hypo-Bank is now the largest mortgage bank in Germany.                                2005   HVB merges with the Italian UniCredit to form the fifth largest European bank.
1924 Swiss Re acquires Bayerische Rückversicherung AG                                      2009   Federal Government of Germany launches process which ends with its complete
     (since 2001 Swiss Re Germany AG).                                                            takeover of Hypo Real Estate Holding AG.
1941 D.A.S. moves its headquarters from Berlin to Munich.                                  2009   Allianz sells its holdings in Dresdner Bank.
1949 Relocation of Allianz Versicherungs-AG’s head office from Berlin to Munich.           2009   The Munich Stock Exchange launches Greenmarket. It serves as a platform for the
1949 Founding of ADIG-Investment, Germany’s first mutual fund.                                    trading in CO2 emission certificates.
1958 Hypo-Bank and Bayerische Vereinsbank found Internationale Immobilien-Institut
     GmbH (iii-investments), the first manager of open-end real estate funds in Germany.
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Munich Financial Center Initiative

                                                                                             The insurance industry*                Leading companies*

                                                                                             In greater Munich                      Allianz
                                                                                             Employees: 33,200                      Employees worldwide: 155,000
                                                                                             Insurance companies                    Turnover: 97.5 billion euros
                                                                                             headquartered in region: 60
                                                                                                                                    Munich Re
                                                                                             In Bavaria                             Employees worldwide: 47,249
                                                                                             Employees: 61,800                      Premium income: 41.4 billion euros
                                                                                             Insurance companies
                                                                                             headquartered in state: 80             Versicherungskammer Bayern
                                                                                                                                    Employees: 8,528
                                                                                                                                    Premium income: 6.36 billion euros

                                                                                                                                    Employees: 8,497
                                                                                                                                    Premium income: 4.9 billion euros

                                                                                                                                    Nürnberger Versicherungsgruppe
Insurance: a global leader                                                                                                          Employees (not counting
                                                                                                                                    external sales force): 4,400
Home to some 80 insurance companies,           Bavaria’s insurer sector is a major
                                                                                             * figures rounded off and as of 2009   Premium income: 3.3 billion euros
greater Munich is one of the world’s leading   employer. Of its some 59,000 employees,
centers of insurance. The companies            31,000 work in greater Munich, and
headquartered in Munich include Allianz        some 13,500 in the state’s other two
Group (one of the world’s largest provider     insurance centers: Nuremberg (home
of insurance and asset management              to such leading insurers as Nürnberg
services), Munich Re (one of the world’s       Versichersgruppe – Germany’s second
largest reinsurers), DAS (Europe‘s             largest provider of occupational disability
leading provider of coverage for legal         coverage) and in Coburg (headquarters of
expenses), Versicherungskammer Bayern          HUKCoburg, one of Germany’s leading
(Germany’s largest public sector-owned         suppliers of automobile insurance).
insurer); and Bayerische Versorgungskammer
(Germany’s largest public-sector provider
of management and investment services for
providential pension funds).
These companies are joined by the large
number of insurers maintaining offices and
operations in Munich. Among them: Swiss
Re, one of the world’s leading reinsurers.

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Munich Financial Center Initiative

Banking: a leader in its sector                                                              Bavaria’s banking community*
Bavaria plays a major role in the German      other German state – and even that of
banking industry. Munich is the second        Switzerland, which is regarded as the land
                                                                                                          Number of financial institutions: 485
most important city for banking in the        of banking par excellence.
country. Its banking community comprises                                                                  private banks: 84
some 160 banks. Of them, some 50 are          The size of Bavaria’s banking community                     savings banks: 74
headquartered in the city, with these         is detailed by the some 464 billion euros in                credit unions: 317
including two of Germany’s largest:           loans it has outstanding to companies,
Bayerische Hypo- und Vereinsbank              consumers and public sector entities.
                                                                                                          Employees: 122,000
AG (HVB), which merged in 2005 with           Much of this credit has gone for mortgages,
Italy’s UniCredit to form the first truly     an area in which Bavaria’s banks have                       private banks: 30,000
pan-European bank and BayernLB. The           traditionally played a major role. Munich-                  saving banks and publicly-owned state-level banks: 56,700
large number of offices maintained by         based banks have issued one third of all                    credit unions: 35,000
foreign banks in Munich details its banking   mortgage bonds outstanding in Germany.
community’s international reach.
                                                                                                          Total loans outstanding: 464 billion euros
Bavaria itself is home to nearly 500 banks,
including 74 savings banks, 317 credit
unions and 84 private banks. Employing                                                                    * data is from 2009 and has been partially rounded off
some 122,000 persons and accounting for
a quarter of the Germany-wide total, this
number of 500 is greater than that of any

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Munich Financial Center Initiative

                                                                                            Munich’s innovations in asset management
                                                                                            From Munich, in Munich

                                                                                            Germany's first investment company
                                                                                                            Germany's first investment fund
                                                                                            Germany's first open-end real estate fund
                                                                                                            Germany's first money market fund
Asset management: large and innovative                                                      First exchange traded fund to be listed on the DAX
                                                                                                          Pioneer in total return bond funds
In 1949, the Munich-based ADIG launched      The high quality of Munich’s assets
Germany’s first asset management company.    managers is attested to by the high ratings
Munich-based companies now manage            conferred upon the funds managed by
assets worth well over 1 trillion euros.     them – and by the trust accorded to them
                                             by private and institutional investors, with
This international-leading position is       the latter including major corporations and
attributable to the adeptness shown by       financial service providers.
Bavaria’s asset management companies in
anticipating trends and in rapidly turning   This position of leadership extends to
these perceptions into innovative and        closed-end funds, with several of
standard-setting products. Among them:       Germany’s most important issuers being
open-end real estate and money market        based in Munich.
funds. It was Munich-based companies
which pioneered in Germany exchange
traded and total return bond funds.

12                                                                                                                                               13
Munich Financial Center Initiative

                                     The Munich Stock Exchange:
                                     Trend-setting stock exchange trading
                                     As a major stock exchange centre, Munich       Thus Bayerische Börse AG developed a
                                     provides trend-setting market-making           market model for Börse München which
                                     models and security-assuring technologies      has since been emulated by a number of
                                     for trading financial products.                other exchanges. This model has set the
                                                                                    standards codified into law by MiFID.
                                     The position of being at the forefront of      Both investors and their brokers profit
                                     the introduction of innovations facilitating   from the features offered by MAX-ONE.
                                     the efficient securing of capital started      The electronic trading system guarantees
                                     in 1830, which is when Bayerische              best execution for orders in more than
                                     Börse was founded by the Münchener             11,000 securities. The market model melds
                                     Kaufmannsstube based in Munich. The            the advantages of automated securities
                                     objective was to create a platform removing    trading with the knowhow of longstanding
                                     the tight and complex constraints placed       securities brokerages, so called ‘specialists’.
                                     upon security trading in those early days of   Traded on Börse München are shares,
                                     the Industrial Revolution, and to thus make    bonds, funds, ETFs and ETCs.
                                     stocks a main and easy source of capital for
                                     growth of the manufacturers in the region.     To provide small and medium-sized
                                                                                    enterprises with a source of equity, Börse
                                     Today’s tasks of Bayerische Börse AG           München launched m:access in 2005. The
                                     comprise maintaining a fair, neutral and       success of this market segment led in 2009
                                     transparent trading platform to which all      to the starting up of other trading platforms
                                     market players have unrestricted access.       under the umbrella of Bayerische Börse
                                     Bayerische Börse AG as the private sector      AG: CONTREX (CFDs),
                                     holding company serving as the corporate       (closed-end funds) and greenmarket (CO2
                                     parent of publicly-governed Börse              emission certificates traded under best
                                     München fosters the introduction and           execution conditions).
                                     development of capital market innovations.

                                     Bayerische Börse AG at a glance:
                                     Traded on it are more than 11,000 securities and
                                     bonds from more than 60 countries
                                                           More than 400 ETFs and ETCs traded
                                     Funds traded without issue surcharge
                                     comprising 2,900 securities
                                                           Some 4,000 closed-end funds traded
                                     CFDs traded on CONTREX
                                     m:access – high-quality market segment for small and
                                     medium-sized enterprises (more than 30 companies
                                     currently listed)                                      15
Munich Financial Center Initiative

                                                                                       Leasing and factoring:
                                                                                       Munich is home to Germany’s leaders
                                                                                       The Munich metropolitan area is               Including Eurofactor AG (Germany’s
                                                                                       Germany’s leading region for leasing.         leading provider of import factoring
                                                                                       Germany’s Association of Leasing              services) and Siemens Financial Services,
                                                                                       Companies’ 200 members account for            greater Munich’s factoring community is
                                                                                       90% of the country’s market. Of these         among the most important in Germany.
                                                                                       companies, nearly 20% are headquartered
                                                                                       in greater Munich.

                                                                                       The three most important of these
                                                                                       companies – Kommanditgesellschaft
                                                                                       Allgemeine Leasing (KGAL), LHI Leasing
                                                                                       and Hannover Leasing – administer total
                                                                                       investments of some 60 billion euros. In
                                                                                       addition, they are among Germany’s top
                                                                                       issuers of closed-end funds. They thus help
                                                                                       account for Munich’s leading position in
Venture and private equity capital:                                                    this market in Germany.

Germany’s leading center for private equity and
venture capital
Bavaria has Germany’s largest venture          In 2008, the VC/PE community invested
capital and private equity community. It is    some 1.8 billion euros in nearly 240
comprised of the more than 40 VC and PE        Bavarian companies.
suppliers headquartered in Munich, and of
the large number of companies maintaining
operations and offices in the city. This
large number is attributable to the size
and makeup of Bavaria’s economy, whose
sustained successes are a product of the
predominance in it of companies active in
IT, the life sciences, technological service
providers and other cutting edge sectors
that are traditionally prime targets of VC
and PE.

16                                                                                                                                                                               17
Munich Financial Center Initiative

Institutions: Boosting Bavaria’s business community
It took a very few decades for Bavaria’s       The state government’s job in turning
economy to transform itself from an            Bavaria into a role model of economic
agrarian backwater into one of the world’s     growth encompassed the creation of
great suppliers of high-tech products          a pro-business, pro-growth operating
and services. This fast-paced, broad-ranging   environment – and the setting up by
development was produced by the                the state’s economics ministry of
entrepreneurial spirit shown and sustained     Invest in Bavaria. The agency works with
by the state’s companies, which availed        regional and local business development
themselves of the support provided by          authorities in securing investment in the
Bavaria’ state government, by regional and     state. Encompassed in this brief is the
local-level authorities, by municipalities,    provision of expert, expeditious services
and by trade associations and by chambers      to both international and locally-based
of commerce when creating, producing,          companies. These services incorporate
marketing and deploying their advanced         the expertise and input forthcoming from
offerings.                                     banking and other trade associations, and
                                               from chambers of commerce and of skilled
                                               trades. The strength of the state’s financial
                                               community is ascribable to this network of
                                               business development.

Munich Financial Center Initiative

                                                                                               Overview of departments of economics
                                                                                               in Bavarian higher education


                                                                                                 Aschaffenburg                          Bayreuth
                                                                                                            Würzburg                     Weiden

Research and education: the knowledge cluster
Bavaria’s academic community is large and      and services, Bavaria’s government has
productive.                                    set up an infrastructure of innovation                                  Ansbach
                                               forging and maintaining close working
– It is comprised of nearly 50                 ties between the state’s scientific (and                                                              Regensburg
  institutions of higher education with        especially their technology transfer and                                           Eichstätt                       Deggendorf
  a total enrollment of 259,000. Of            financing departments) and business
  them, 40,000 are majoring in                 communities. Clusters form the nodes of
  economics and related disciplines.           this infrastructure. Their coalescence and                                                            Landshut
                                               cultivation are focuses of state policies.
                                                                                                                              Augsburg        Freising
– Bavaria’s research community is equally      These clusters promote the development                            Neu-Ulm
  large and renowned. In addition to           of curricula and research projects meeting
  university and corporate facilities, it      corporate needs and recognizing and
  includes twelve institutes of the Max        anticipating technological trends. These,
  Planck network, which devotes itself to      in turn, foster product innovation and the                                                             Rosenheim
  basic research, and which is headquartered   international-level viability of Bavaria’s                           Kempten
  in Munich. Also headquartered in the         financial community.
  city is the Fraunhofer Society. With
  seven institutes in Bavaria, Fraunhofer is   The state of Bavaria’s clusters campaign
  Germany’s leading network of research        led to the setting up in 2006 of Bavaria’s
  application.                                 Finance Center. The BFC maintains a
                                               close working relationship with the Munich
– Among the many other research institutes     Financial Center Initiative. Entailed in this
  in Bavaria: Munich’s IFO Institute for       is the pursuing of projects leading to the
  Economic Research.                           development of advanced financial systems
                                               and services by the state’s business and
To ensure that the fruits of this research     academic communities.
are turned into market-making products

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Munich Financial Center Initiative

                                                                                               Bavaria’s economy*

                                                                                               Economic growth: +1.5 %
                                                                                                               GDP (real): 444.8 billion euros
                                                                                               GDP per capita: 35,530 euros
                                                                                                       GDP per gainfully employed person: 66,983 euros
                                                                                               Exports: 155.7 billion euros
Top-ranked city in a top-ranked state                                                                               Export growth: +1.4 %
                                                                                               Total gainfully employed persons: 6.6 million
Many rankings are compiled of Germany’s         Top companies: One factor causing the
cities and states. Each employs a proprietary   state’s country-best rates of economic and            Total permanently employed persons: 4.52 million
methodology. All these rankings have one        employment growth and size is the number
                                                                                               Percentage of self-employed persons: 12 %
thing in common: they accord the top spots      of major companies in the state. Of the
to Munich and to Bavaria.                       1,000 largest companies in Germany, some
                                                90 are headquartered in Munich (ranking it
                                                                                               * data for 2008
The rankings’ findings: Munich has the          number one among Germany’s cities), with
strongest growing and performing economy        a further 15 each being based in Nuremberg
of any city in Germany – and is set to retain   and Augsburg.
this position in the years to come. Munich’s
best-in-Germany prosperity has been             Market capitalization: These blue chips
accompanied by a sustained and country-         join mid-caps and small-caps in giving
best rise in employment. This trend has         Munich’s business community the largest
been experienced by the state as a whole.       market capitalization of that of any city in
Over the last 30 decades, the number of         Germany.
gainfully employed in Bavaria has increased
by nearly a quarter. This rate is nearly four   Patents registrations: The innovativeness
times greater than that of Germany as a         of Bavaria’s scientific and business
whole.                                          communities is shown by the fact that they
                                                account for one fifth of all patent
                                                applications in Germany.

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Munich Financial Center Initiative

                                     Top performers flock to Bavaria’s top performing
                                     Bavaria is home to many of Germany’s top        The worldwide appeal of Munich and the
                                     companies, both large and small, and to         rest of Bavaria is detailed by its population
                                     a number of top-notch research institutes       growth. Each year, an average of 100,000
                                     and of institutions of higher education.        people move to the city. Many of them
                                     The people staffing these companies are         come from abroad. As a result, 300,000 of
                                     among the most qualified and innovative         the city’s residents – nearly one quarter of
                                     in Germany. And that’s no coincidence.          its population – are non-German in origin.
                                     Top people prefer, after all, to work for top   This cosmopolitanism means that you’re
                                     performers.                                     not going to have any trouble finding fellow
                                                                                     countrypersons in the city.
                                     Among these top performers are the seven
                                     Munich-headquartered companies, each            A further component of Bavaria’s
                                     among the world’s leaders in its field,         unexcelled quality of life is its rich and
                                     listed in Germany’s 30 company-strong           diverse cultural scene. Theaters, cinemas,
                                     DAX stock index.                                bookstores and other cultural venues
                                                                                     abound in the state. Many of them have
                                     Many of these top people are from               English-language offerings. Prime among
                                     elsewhere in Germany and the world.             them is Munich’s America House.
                                     Attracting them to Bavaria: its top
                                     performing companies – and the state’s top      Bavaria’s proverbial richness of natural
                                     ranked quality of life.                         and historical attractions means that you
                                                                                     will never run out of fun things to do and
                                     Munich, for instance, is one of the world’s     to visit. Prime among these attractions: the
                                     greenest and safest cities. It also has a       Alps. Great for climbing, skiing, hiking and
                                     highly enjoyable, traditions-derived, four      rafting, these mountains are just ‘a piece
                                     seasons lifestyle, thanks to the nearby lakes   down the road’ from Munich.
                                     and Alps. This quality of life has been
                                     ranked among the highest in the world by a
                                     number of studies, including that of Mercer
                                     in 2009. The management consultants
                                     named Munich to be the 7th best place for
                                     expatriates to live among the 215 major
                                     cities in the world. Nuremberg is also a top
                                     finisher in such studies.

Members (as of February 2010)                   Institut der Wirtschaftsprüfer in       Contact
                                                Deutschland e.V. (IDW)
Allianz SE                                                          fpmi Munich Financial Center Initiative                                 Institute for Capital Market Research   c/o The Munich Stock Exchange
Baader Bank AG                                  and Financing                           Karolinenplatz 6                                  80333 Munich
Bayerische Beamten Versicherungen               Institute for Risk Research and for     Germany                                      the Insurance Industry
Bavarian Banking Associaion                    E-Mail:                KG Allgemeine Leasing GmbH & Co
Bavarian Chamber of Industry and      
Commerce BIHK                                   Municipality of Munich                   
Bayerisches Finanz Zentrum e.V.                 Lebensversicherung von 1871 a.G.                                   München (LV 1871)
Bavarian State Ministry for Economic Affairs,
Infrastructure, Transport and Technology        LfA Förderbank Bayern                 
Bayerische Börse AG                             Merck Finck & Co oHG Privatbankiers                
BayernLB                                        Münchener Hypothekenbank                       
Commerzbank AG                                  MÜNCHENER VEREIN                              Versicherungsgruppe
D.A.S.                                                                      Munich Re
Deutsche Bank AG                                              List of illustrations                             NÜRNBERGER Versicherungsgruppe
Deutsche Bundesbank Main office in Munich                      Page 3:      Martin Zeil, Bavarian Minister of Economic Affairs, Infrastructure,                               Oberbank AG                                          Transport and Technology
Genossenschaftsverband Bayern e. V.                            Pages 4/5: Panorama of Munich                                R+V Allgemeine Versicherung AG          Pages 6/7: Munich Stock Exchange
Handwerkskammer für München und Oberbayern                              Page 8:      Munich Re                             Sparkassenverband Bayern Association    Page 9:      Allianz Group’s entrance hall
Hauck & Aufhäuser Privatbankiers KGaA           of Bavarian Savings Banks               Pages 10/11: HypoVereinsbank                        Page 12:     Small atrium of HypoVereinsbank
HUK-COBURG Versicherungsgruppe                  State Street Corporation                Page 14:     Munich Stock Exchange                            
                                                                                        Page 16:     Baader Bank AG
HypoVereinsbank                                 Swiss Life                              Page 18:     Bavarian Ministry for Economic Affairs, Infrastructure,                            
                                                                                                     Transport and Technology
HVB-Stiftungsinstitut für Finanzmathematik      Swiss Re
                                                                                        Page 20:     Auditorium at the Technical University Munich
der Technischen Universität München,  
                                                                                        Page 22:     Deutsche Bundesbank Main Offices in Munich
Prof. Dr. Rudi Zagst HVB Foundation for         TVM Capital GmbH
Financial Mathematics Technical University                                              Page 23:     HypoVereinsbank
Munich                                                                                  Page 24:     Munich Airport Franz Josef Strauß
                                                Association of the Bavarian Business                       Community
Hypo Real Estate Group                                          Versicherungskammer Bayern              Picture credits:
ibi research                                                        Allianz SE: page 9                                      Wirtschaftsprüferkammer                 HypoVereinsbank: page 12
ifo Institute for Economic Research at the      (Chamber of Business Auditors)          Bavarian Ministry for Economic Affairs, Infrastructure, Transport and Technology: page 3
University of Munich                                                Deutsche Bundesbank Main Office in Munich: page 22                                      Center for Ongoing Education and        Getty Images: pages 4/5
26                                              Knowledge Transfer                      Jürgen Stein, Phase 4 Communications GmbH: pages 6/7, 8, 10/11, 14, 16, 17, 18, 19, 20, 23, 24, 27

fpmi Munich Financial Center Initiative
c/o Munich Stock Exchange
Karolinenplatz 6
D-80333 Munich

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