Top Investments 2018 in Hessen
Chery Europe Settles in Raunheim
One of the largest Chinese automakers, Chery Automobile Co., Ltd., settled in Raunheim earlier this year. Raunheim, near Frankfurt, will be the location of the development and design center of Chery Europe GmbH from the beginning of 2019. The company wants to create a base for its market entry in Europe. Chery employs around 14,000 people worldwide and focuses on SUVs, compact and mid-range vehicles. By the end of 2019, Chery Europe intends to employ around 30 to 50 people in Raunheim. As the first model, “after 2020” the SUV model “Exeed” will be introduced into Europe, according to Chery, the launch of a fully electric version is “very likely”.
King’s College Opens School Near Frankfurt
In August 2018, the British King’s College opened its first school in Germany in Friedrichsdorf, Hochtaunus, near Frankfurt am Main. The “King’s College Frankfurt” enriches the excellent offer of international schools in the Frankfurt Rhine-Main region with its British curriculum. This offer is important and attractive, not only for international new citizens, but also for the established international business community in the region. The school is designed for about 500 students and can be attended by children from the age of 2 years (kindergarten) to 18 years (13th grade). Currently, the school targets children between the ages of 2 and 10 years. As the school develops, the educational offer for students up to the age of 18 years will be extended. The teaching and instruction language of the British private school is English, German lessons are available as a foreign language.
Bank of Taiwan Opens Representative Office in Frankfurt
The biggest Taiwanese bank, the Bank of Taiwan (BoT) opened its representative office in the Main metropolis Frankfurt in the spring of 2018. With this decision, the Taiwanese institute is also preparing for Brexit, which will probably make it more difficult for international financial service providers to handle transactions in continental Europe from London. The new office was established with the support of the FrankfurtRheinMain International Marketing of the Region (FRM GmbH) in close cooperation with the Frankfurt Business Development Agency and the State of Hessen. The Bank of Taiwan was founded in 1946 as the first state-owned bank. The institute currently has a total of 169 branches in Taiwan as well as offices in Tokyo, Singapore, Hong Kong, the People’s Republic of China, New York City, Los Angeles, London and South Africa. The current amount of the bank’s capital is around 2.5 billion euros. The Bank of Taiwan will not close its London office, but will gain direct access to its clients within the future EU via its Frankfurt office. The Bank of Taiwan also evaluated locations in France, Ireland, Luxembourg and other countries before deciding on Frankfurt. “Of course, with the heavy competition, we are very pleased that the decision ultimately turned out to be in our favor. This clearly shows the high standing of the financial center Frankfurt with international banks,” said Eric Menges, Managing Director of FrankfurtRheinMain GmbH International Marketing of the Region.
Opening ceremony of the representative office of the Bank of Taiwan (from left to right): Eric Menges CEO, FrankfurtRheinMain GmbH; Markus Frank town councilor, Frankfurt am Main; Lynn Huoh Representative, Bank of Taiwan Frankfurt Representative Office © FrankfurtRheinMain GmbH
Silicon Valley Bank Now Also in Germany
In the USA, the SVB is regarded as the house bank of the booming tech industry there. The key business of SVB is lending – with a focus on tech companies. Many of these companies would not get money directly from a traditional bank – they are often still far from earning money, and rarely have assets that are considered collateral. The bank lends to startups, to investors, or provides innovative medium-sized companies with capital. According to their own information, the SVB – founded in 1983 – has funded more than 30,000 start-ups. In addition, the bank also sees itself as a service provider and consulting firm for other high-tech investors. The SVB has been represented in London since 2004, and since spring also on the European mainland, namely in Germany, in Frankfurt am Main. “Germany is an extremely exciting market for us, and this step is an important milestone,” Handelsblatt quoted Silicon Valley Bank chief executive Phil Cox. The SVB Europe boss reckons that his institute will develop within three years to a full bank, offering deposit business, payment transactions and foreign exchange services among other things.
At the event “FrankfurtRheinMain meets San Francisco – Two FinTech Powerhouses joining Forces” – FinTech Cooperation Summit in San Francisco in 2017 (from left to right): Ram Shoham Founder, Accelerator Frankfurt; Eric Menges CEO & President, FrankfurtRheinMain GmbH; Joseph Smart Vice President FinTech, Silicon Valley Bank; Dr. Sebastian Schaefer Managing Director, TechQuartier © FrankfurtRheinMain GmbH