From trade to service - as a business location Cologne has evolved into an outstanding city of service providers. At the same time, Cologne's profile as a city of service providers encompasses far more than a range of central services catering for the region. Cologne's prominent position is evident in the remarkable concentration of high-powered companies in this sector. Over 81 per cent of all employees subject to social insurance contributions work in this sphere.
Service enterprises in Cologne
Over 324,000 people are employed in the services sector today. Our profile encompasses more than a range of central services catering for the region. Today, for instance, numerous countries have their diplomatic representations in the cathedral city. Some 400 associations have settled in Cologne. Cologne's prominent position as a city of service providers is also evident in the remarkable concentration of high-powered service enterprises.
Insurance industry - unique in Germany
The city is one of the Federal Republic's major centres for the insurance industry. The who's who of the insurance industry in Cologne ranges from A for Axa, via Deutsche Krankenversicherung AG (DKV) and the Gerling Group, to Z for Zürich Gruppe Deutschland. Specialist insurance associations such as the Verband der privaten Krankenversicherung e.V. (Association of Private Health Insurers) are also based here. Compared with the rest of the German-speaking world, the range of opportunities to study for a career in insurance is unique in Cologne. The University of Cologne's Institute of Insurance Economics, the Department of Insurance Studies at Cologne University of Applied Sciences and the Insurance Industry's Professional Training Centre offer young people a wide variety of opportunities.
Strong financial partners
More than 60 financial institutions are represented in Cologne. One of these is the Sparkasse KölnBonn. Founded over 170 years ago, it is Cologne's largest financial institution and one of the largest savings banks in Germany. Today, it considers its main mission to be the funding of developments with potential for the future. Sparkasse KölnBonn is, for example, a co-partner of the Cologne telecommunications company NetCologne, whose city telecommunications network is considered to be the most modern in all of Europe. Kreissparkasse Köln, likewise a co-partner of NetCologne, is another of the cathedral city's modern banks, as is Kölner Bank eG. The latter has special ties with Cologne's craft enterprises. The private banking firm Sal. Oppenheim junior and Cie. has had its headquarters in Cologne for over 300 years. It is Europe's biggest private bank, with agencies all over the world.