Corporate presentation
(Status: 31 December, 2015)
Agenda
1.
Profile & business model
2.
Financial and business performance
3.
Focus on customer groups
4.
The Genossenschaftliche FinanzGruppe
We are the cooperative central institution for the 182
cooperative banks in Rhineland and Westphalia
Central institution for 182 local cooperative banks in
Germany’s Rhineland and Westphalia regions for over 130 years
Initiative and subsidiary supplements to the services provided by our member banks in national and
international business
As a corporate and trading bank, we are a long-standing partner for small and medium-sized entities in the Rhineland and Westphalia regions
We offer a broad range of specialized and tailor-made products and services for corporate customers and capital market partners
WGZ BANK is situated in western Germany and at the heart of
Europe
The business region of WGZ BANK – Rhineland and Westphalia
Our core business territory is one of the leading economic regions in the world
The No. 1 investment location: over a quarter of all foreign businesses in Germany are
based in this region
An attractive place to do business: population of almost 18 million1), and GDP of around €637 billion1) (which equates to 22 % of the German GDP1))
NRW is one of the most important economic regions in Europe, with a 4.6 % share of the
Who we are: our guiding principles
We are the cooperative central institution for our member banks, as well as being a
corporate and trading bank.
We work to promote the Genossenschaftliche FinanzGruppe. We listen to our customers. We seize opportunities. We actively pursue cooperations.
We drive forward new ideas.
We are totally committed.
We are only satisfied when you are. We operate sustainably.
An overview of WGZ BANK Group
90.92 %
100 %
100 %
Subsidiaries Client groups Equity investments
Member banks
Capital market partners Corporate clients
Public sector customers
50.0 % 22.0 % 19.0 % 20.5 %1) 16.5 % 15.0 % 15.0 %
WGZ BANK offers a broad range of services to its customers
Member banks Corporate clients Capital market clients Strategic bank management Lending business Securities business Payments processing Interest-rate and currency management Custodian bank services Finance Payments processing Public sector development loans Investment banking Interest-rate and currency management Investment products/ asset management Equities/ equity derivatives Interest-rate/ foreign exchange trading Derivatives trading Treasury Custody services/ asset services Payments processing Finance/ trade finance
Real estate clients Public sector customers Home finance (retail
business & cooperative financial network)
Capital market loans and KfW development bank loans for the institutional housing sector
Capital market loans for investment funds and investors
Financing of housing, commercial real estate, office buildings, retail premises and special-purpose property
Financing of local authorities and municipal entities Short-term loans to local authorities and loans to public sector entities
174 177 181 185 186 192 198 123 126 129 132 135 140 146 102 106 109 114 117 122 127 2009 2010 2011 2012 2013 2014 2015
Total assets Customer deposits Customer loans
Retail banking business of our member banks shows solid and
continuous growth…
Business trend of the WGZ member banks (€ billion)
The credit volume of the regional FinanzGruppe increased in 2014 by 4.6 % to € 127 billion.
Customer deposits increased by 4.3 % to € 146 billion.
2.74 2.75 2.76 2.79 2.83 2.87 2.95 3.00 3.04 3.08 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
…and the number of members of the cooperative banks
affiliated to WGZ has been constantly rising for years
Number of members of the cooperative banks affiliated to WGZ BANK (million)
Source: Regional FinanzGruppe
In 2015, the number of members increased by more than 42,000
Members and customers not only have access to 2,095 branches for their banking transactions, but also to digital communication and
transaction channels, as part of the omnichannel strategy of the
Strong partners at your side – the WGZ BANK Group
Wholly owned subsidiary of WGZ BANK
Consulting and operational support for local authorities, the private sector and specialized service providers within the Subsidiary of WGZ BANK (90.92% stake)
Pfandbrief institute in the Genossenschaftliche FinanzGruppe Competence center for real estate finance and public sector customers
Wholly owned subsidiary of WGZ BANK
Participation in international syndicated loan business
Expansion of international business, in particular business with international clients
Our actions are oriented to the principle of sustainable
development
We operate sustainably.
We see our cooperative values as an expression of sustainability.
We always consider the consequences of our actions and use our resources responsibly.
We promote the region.
Prime Status – C Rating Social and environ-mental rating: above average
Industry: financials/ public & regional banks
72 Points
Above average rating with 72 out of 100 points (ranked 25 out of 350 in the industry group "Banks")
positive/ neutral Environment: average rating Social and governance: impressive performance
Current credit ratings of the WGZ BANK Group
Long-term bank deposits Aa1
Short-term bank deposits P-1
BCA1) baa2
Outlook stable
Long-term bank deposits A2
Short-term bank deposits P-1
BCA1) baa2
Public sector Pfandbriefe AAA
Mortgage Pfandbriefe AAA
Non-current liabilities
AA-Current liabilities A-1+
Outlook stable Rating Rating Rating Risk profile Capital adequacy Liquidity Business model
Board of Managing Directors – responsibilities
Corporate customers Investment subsidies Legal affairs
Finance
Credit back office Financial control and planning
Capital market partners & trading
Treasury
Uwe Berghaus
Dr. Christian Brauckmann
Karl-Heinz Moll Hans-Bernd Wolberg (Chairman)
Michael Speth Central services Human resources Member banks Internal audit Compliance
Financial markets operations Organization & services
Agenda
1.
Profile & business model
2.
Financial and business performance
3.
Focus on customer groups
4.
The Genossenschaftliche FinanzGruppe
We remain on a stable course thanks to our tried and tested
business model
With an operating profit of €346.6 million in 2015, WGZ BANK Group exceeded the good result of the previous year by 12.6 %
Core Tier 1 capital ratio is 14.6 %1) ; Tier 1 capital still consists solely of core
Tier 1 capital and contains no hybrid capital instruments
Moody’s has assigned a long-term deposit rating of Aa1 to WGZ BANK. This is currently the highest rating assigned to a private bank in Germany
Administrative expenses rose by 3.1 % to €305.2 million, mainly as a result of the contribution to the European Single Resolution Fund, which was due for the first time
1)Taking into account the year-end results of 2015, in accordance with the new CRR regulations
With a cost/income ratio of 47.6 %, WGZ BANK Group still ranks among the leading group of financial services providers
Financial performance of WGZ BANK Group
(IFRS)
WGZ BANK Group’s financial performance as at December 31,
2015 and year on year change (IFRS)
31.12.2014 31.12.2015 Change
€ million € million € million (%)
Net interest income 514.3 535.4 21.1 4.1
Allowances for losses on loans and advances -23.1 10.0 33.1 >+100
Net fee and commission income 68.8 53.4 -15.4 -22.4
Gains and losses on trading activities 211.9 141.8 -70.1 -33.1
Gains and losses on investment activities -132.6 -108.9 23.7 17.9
Gains and losses on equity investments 16.6 25.5 8.9 53.6
Gains and losses arising on hedging transactions -24.6 -8.0 16.6 -67.5
Administrative expenses -296.1 -305.2 -9.1 3.1
Other net operating income -27.3 2.6 -29.9 >+100
Income before taxes 307.9 346.6 38.7 12.6
Taxes -73.6 -145.6 72.0 97.8
Income after taxes 234.3 201.0 -33.3 -14.2
514.3 535.4
31.12.2014 31.12.2015
Net interest income – including current income – rose by 4.1 %
year on year
Net interest income – including current income - of WGZ BANK Group under IFRS (€ million)
Net interest income is €21.1 million (4.1 %) higher than that of the
corresponding period 2014.
The increase especially reflects the positive development in interest-bearing business transactions, in particular with the corporate clients of WGZ BANK and the real estate clients of WL BANK.
68.8
53.4
31.12.2014 31.12.2015
WGZ BANK Group’s net fee and commission income decreased
by €15.4 million to €53.4 million
Net fee and commission income of WGZ BANK Group under IFRS
(€ million) Net fee and commission income is
€15.4 million (22.4 %) below the previous year’s figure.
As a result of its extremely successful brokerage business, the commission expenses of WL BANK amounted to €45.9 million (previous year:
€29.5 million), which will, however, be more than compensated over the coming years by sustained interest income from real estate financing.
211.9
141.8
31.12.2014 31.12.2015
Net trading income decreased by 33.1 % to €141.8 million
Net trading income of WGZ BANK Group under IFRS (€ million)
-33.1 %
Net trading income declined by 33.1% to €141.8 million.
The high income of the previous year (€211.9 million) resulted primarily from the continuing stabilisation of the sovereign debt crisis as well as the positive development of the
financial markets, which did not occur to the same extent in 2015.
-132.6
-108.9
31.12.2014 31.12.2015
Investment income improved by €23.7 million
Investment income of WGZ BANK Group under IFRS (€ million)
Investment income amounted to - €108.8 million (previous year
- €132.6 million) and was above all affected by value adjustments in the equity investment portfolio.
-296.1 -305.2
31.12.2014 31.12.2015
Administrative expenses rose by €9.1 million to €305.2 million
Administrative expenses of WGZ BANK Group under IFRS (€ million)
Administrative expenses increased by 3.1% to €305.2 million, predominantly as a result of the contribution to the European Single Resolution Fund,
which was due in 2015 for the first time.
With a cost/income ratio of 47.6 % (previous year 47.2 %), WGZ BANK Group is still above average in
comparison with the banking sector as a whole.
-433 552 306 308 347 -240 381 227 234 201
WGZ BANK Group achieved earnings after taxes of around
€200 million in challenging market conditions
Profit/loss before taxes
WGZ BANK Group’s profit/loss before and after taxes under IFRS (€ million, rounded)
Net profit/loss
With operating income of
€346.6 million (under IFRS) in 2015, WGZ BANK Group exceeded the good result of the previous year (€307.9 million) by 12.6 %.
The result reflects in particular the positive development in interest-bearing business transactions, the good risk quality of the lending portfolio and the stable cost development.
After taking into account taxes of €145.6 million, WGZ BANK Group generated a net profit of €201.0 million for 2015.
2012
93.9 96.1 90.9 94.9 89.8
2011 2012 2013 2014 2015
WGZ BANK Group’s total assets declined by 5.4 % compared with
the year-end figure for 2014
As part of a reduction of trading
assets and securities portfolios, total assets declined under local as well as international accounting
standards in comparison with the previous year.
Total assets declined as follows: WGZ BANK Group by €5.1 billion to €89.8 billion; WGZ BANK AG by €0.5 billion to €47.8 billion; and WL BANK by €1.5 billion to €36.7 billion.
-5.4 %
Total assets of WGZ BANK Group under IFRS (€ billion)
10.4 12.0 13.1 13.9 14.6 12.4 13.6 14.8 15.1 15.9 2011 2012 2013 2014 2015
Following the successful capital increase of 2014, the capital base was further strengthened in 2015 though profit retention.
As at year end 2015, the Tier 1 capital ratio of WGZ BANK Group was 14.6%, and thus considerably higher than the minimum
requirement imposed by the ECB.
Tier 1 capital still consists solely of core Tier 1 capital and contains no hybrid capital instruments (such as dormant capital contributions or Tier 1 bonds)
WGZ BANK Group has a comfortable level of capital. Its
Tier 1 capital ratio currently amounts to 14.6 %
WGZ BANK Group’s total capital ratio and Tier 1 capital ratio (%)
Total capital ratio1) Tier 1 capital ratio1)
1) Taking into consideration the financial statements of 2015
Under new CRR regulations
WGZ BANK AG's financial performance as at December 31, 2015
and year on year change (HGB)
December 31, 2014
December 31,
2015 Change
€ million € million € million (%)
Net interest income 173.0 165.1 -7.9 -4.6
Current income 115.7 137.1 21.3 18.4
Net fee and commission income 116.5 110.0 -6.5 -5.6
Net trading income 80.5 90.7 10.3 12.7
Other net operating income -2.1 -9.6 -7.5 <-100
Administrative expenses -240.0 -238.8 -1.2 -0.5
Operating profit before allowances for losses on loans and advances
243.6 254.5 10.9 4.5
Net allowances for losses on loans and advances 68.2 77.3 9.1 13.4
Operating profit 311.8 331.8 20.0 6.4
Net income from other business -67.9 -65.7 2.2 3.3
Income before taxes 243.8 266.1 22.3 9.1
Taxes -77.4 -91.3 13.9 18.0
173.0 165.1
31.12.2014 31.12.2015
Net interest income is below the previous year’s level
Net interest income of WGZ BANK AG under HGB (€ million)
-4.6 %
Stable interest income from business with corporate clients despite
continued pressure on margins. Volume growth from €7.9 billion to €8.5 billion.
Calculated term mismatch showed improvement on a sustained low level compared with the previous year.
115.7
137.1
31.12.2014 31.12.2015
Current income considerably higher than the previous year
Current income of WGZ BANK AG under HGB (€ million)
+18.4 %
Higher dividend payments from
Union Asset Management Holding (€44.3 million,
previous year: €36.3 million), DZ Holding (€13.8 million, previous year: €10.4 million) as well as
higher total contributions of WL Bank as a result of a higher tax allocation (€23.0 million, previous year: €12.8 million)
116.5 110.0
31.12.2014 31.12.2015
Net fee and commission income slightly below last year’s level
WGZ BANK AG’s net fee and commission income under HGB (€ million)
-5.6 %
Growth mainly in securities business and asset management
Decrease in commission income from derivatives trading and payments processing
Income is below budget, partially as a result of reclassification of
expenses for card business
(previously material expenses, - €4.3 million)
80.5 90.7
31.12.2014 31.12.2015
Net trading income higher than the previous year’s level
Net trading income of WGZ BANK AG under HGB (€ million)
+12.7 %
Market-driven income of €34.1 million (- €8.9 million)
Interest and commission from
trading activities amounted to €55.9 million (- €0.9 million)
No allocation to § 340e HGB Reserves (€58.4 million), since mandatory minimum allocation has already been achieved
Administrative expenses unchanged compared to previous year
Administrative expenses of WGZ BANK AG under HGB (€ million)
-240.0 -238.8
31.12.2014 31.12.2015 Administrative expenses remained
basically unchanged
68.2 77.3
31.12.2014 31.12.2015
Net allowances for losses on loans and advances improved
considerably
Net allowances for losses on loans and advances of WGZ BANK AG under HGB (€ million)
+13.4 % Fair value gains and losses on
securities in the liquidity reserve declined compared with the very good figure of the previous year (- €10.7 million)
Fair value gains and losses on loans and advances was positive, at € 4.9 million
321 280 289 252 244 255 151 229 266 215 312 332 2010 2011 2012 2013 2014 2015
Development of operating profit
Operating profit Operating profit
Operating profit of WGZ BANK AG under HGB (€ million, rounded)
Operating profit (after allowances for losses on loans and advances) amounted to €331.8 million, 6.4 % above the previous year’s level
39.0
43.0 43.6
47.7 49.6 48.4
2010 2011 2012 2013 2014 2015
WGZ BANK AG’s efficiency is reflected in a good cost/income
ratio compared with the banking sector average
Cost/income ratio of WGZ BANK AG under HGB (%)
We were able to maintain the cost/income ratio at well below our self-defined goal of 50 %
Agenda
1.
Profile & business model
2.
Financial and business performance
3.
Focus on customer groups
4.
The Genossenschaftliche FinanzGruppe
Member banks: as a subsidiary service provider, we offer a
comprehensive portfolio of services
Strategic bank management Lending business Securities business Payments processing
Provision of a range of specialized products for investments, funding and management
Support regarding the management of interest-rate risk and counterparty risk and of regulatory changes; asset allocation
Advice on development programmes and preliminary checking and processing of development loan requests (Finanzgruppe is No. 1 for development lending)
Risk partner in lending business for corporate customers; acquisition of and support for corporate customers in the joint lending business
Extensive range of products for the retail clients of the local cooperative banks, e.g. investment certificates, subordinated bonds, online brokerage
Research on all relevant capital market products
Processing of securities/ money market/ currency transactions Payments processing in Germany
International payments processing and documentary business services
Comprehensive range of e-commerce, electronic banking, and card processing products
Corporate customers: WGZ BANK is a partner to SMEs in
Rhineland and Westphalia
Finance Payments processing Risk management Investment
Working capital finance Investment finance
Export/ project finance, structured finance Equity financing
Euro payments processing (SEPA)
Domestic/ international payments processing Card payment systems
E-commerce Interest-rate management Currency management Country risk Insurance risk Acquisition finance Structuring advice
Capital market partners: active in all the key marketplaces
worldwide, offering numerous capital market products
Equities/ equity derivatives Interest-rate trading/ foreign exchange trading Derivatives trading Financing, Custody services, Payments
Individual advice, equity research
Trading on all stock markets worldwide, order routing services Special expertise in small and mid caps
Structured equity products; trading on Eurex & international derivatives exchanges Interest-rate/ foreign exchange trading
Syndicated business Issuing business Currency derivatives Interest-rate derivatives Credit derivatives Financial engineering Structured bonds
Classic and tailored finance, trade finance
Custodian bank role for mutual funds and special funds, asset reporting Innovative payments processing solutions, cash management, card services
Cooperative financial network
Institutional housing sector
Investment funds & investors
Commercial real
Products offered for retail home finance brokered by the local cooperative banks throughout Germany on a closely integrated technical platform
In addition, processing of financing for investors resulting from agency and brokerage business conducted by local cooperative banks
Provision of mainly long-term finance
Products offered in the form of capital market loans and KfW development bank loans Business is generated either as direct business or as agency and brokerage business
Capital market loans with medium-term or long-term fixed interest rates Capital market loans are fixed-rate or floating-rate financing facilities
Business is generated either as direct business or as agency and brokerage business
Financing of housing, commercial real estate, office buildings, retail premises and special-purpose property (e.g. hotels and old people’s care homes)
Real estate products and services
Real estate clients: real estate competence centres
in four operating segments
Public sector customers: WL BANK is the competence centre
for business with domestic public sector entities
Within the WGZ BANK Group, WL BANK is the competence centre for all business with public sector customers
The main focus is on lending to German public sector entities (conventional cash advances and public sector loans)
Direct distribution – also involving the primary cooperative institutions – is focused on German towns and municipalities
Products and services offered for public sector customers
Local authority business
WGZ BANK Ireland plc’s principal activity is the management of
securities portfolios
Business activities of WGZ BANK Ireland plc
WGZ BANK Ireland plc was set up in November 1995 as part of the WGZ BANK Group’s international strategic development and received its full banking licence in May 1996
Its purpose was to expand the WGZ BANK Group’s international business relationships, in particular with institutional clients
WGZ BANK Ireland plc’s current principal activities are the management of securities portfolios (essentially fixed-income paper) for its own account and the management of its securitization portfolio that is being wound down
In addition, WGZ BANK Ireland plc manages the hedging of its interest-rate and currency risks (management of interest rate book as well as credit-spread portfolios) and conducts bond repo business
Background
Agenda
1.
Profile & business model
2.
Financial and business performance
3.
Focus on customer groups
4.
The Genossenschaftliche FinanzGruppe
WGZ BANK is tightly integrated within the Genossenschaftliche
FinanzGruppe
Overview of the Genossenschaftliche FinanzGruppe
The Genossenschaftliche
FinanzGruppe is one of the largest banking groups in Germany, with around 190 000 employees and total assets of €1,136 billion
In 2014 the Genossenschaftliche FinanzGruppe realized a pre-tax profit of €10.7 billion
Cooperative values – such as solidarity, fairness, partnership, closeness, and the advancement of members’ and customers’ interests –
The creditworthiness of
Genossenschaftliche FinanzGruppe is viewed positively by the rating agencies Fitch and Standard & Poor’s
The long-term rating is encouraging in comparison with other banks and GFG holds a leading position in
Europe. This rating demonstrates the vitality and financial stability of its business model, with a very strong position in the retail banking market
Current ratings of the Genossenschaftliche FinanzGruppe (GFG)
Source: BVR and WGZ BANK
Long-term
AA-
AA-Short-term A-1+ F1+
Outlook Stable Stable
The protection scheme of the FinanzGruppe: the oldest privately
funded deposit guarantee fund for banks in the world
All member institutions of the FinanzGruppe belong to the
protection scheme of the National Association of German
Cooperative Banks (BVR)
Institutional protection (“Institutsschutz”) for all members
100 % protection for all customer deposits and bearer
bonds issued by members without amount-related
restrictions
Annual review and monitoring of the protection scheme by
the BVR and by the Federal Financial Supervisory
Authority (BaFin)
Since its establishment… … no customer of an affiliated bank has ever lost their deposits
… no compensation has ever had to be paid to depositors
… no affiliated bank has ever become insolvent
A comparison with protection schemes of other German banks
shows the comprehensive protection provided to customers
Genossenschaftliche FinanzGruppe Volksbanken Raiffeisenbanken Sparkassen-Finanzgruppe (savings banks) Private banks
Form of protection Comprehensive bank protection from the National Association of German Cooperative Banks (BVR). As well as the BVR protection scheme there is also the officially recognised BVR Institutssicherung GmbH deposit protection scheme which fully complies with the legal requirements of the German deposit protection legislation.
Comprehensive institutional protection though the cross-guarantee system of the Sparkassen-Finanzgruppe. The institutional protection scheme is officially recognised as a deposit protection scheme under the German deposit protection legislation.
Statutory deposit guarantee and voluntary membership of the deposit guarantee fund
Statutory deposit protection
Under statutory protection, customers are entitled to compensation for deposits up to €100,000.
Voluntary deposit protection
Institutional protection (‟Institutssicherung”):
No protection limit (100 % of the deposits)
Institutional protection (‟Institutssicherung”):
No protection limit (100 % of the deposits)
Up to max. 20 % of the bank‘s liable capital
Current advertising campaign of Genossenschaftlichen
FinanzGruppe:
‟
Because everyone has different needs”
The Genossenschaftliche FinanzGruppe offers all its members and clients the right finance solution for their needs.
This is exactly the message of the new advertising campaign ‟Because everyone has different needs”
The German-wide campaign started in September 2015 The campaign focuses on the core competencies of
Genossenschaftlichen FinanzGruppe:
Strong partners Individual solutions
Agenda
1.
Profile & business model
2.
Financial and business performance
3.
Focus on customer groups
4.
The Genossenschaftliche FinanzGruppe
SME Initiative Group – in dialogue with public figures from
business and academia
Regular dialogue between WGZ BANK, its small and medium-sized corporate customers, and key people from various areas of business and academia
Thought-provoking discussions about real-life and visionary topics
Intensive exchange of experience
The results should have a lasting effect so that
Objectives
‘From the region, for the region’ – WGZ BANK acknowledges its
corporate social responsibility
Principles
of corporate
citizenship
at
WGZ BANK
WGZ BANK’s corporate social responsibility activities are divided into three areas: education & science, business & social issues, and art & culture
Ongoing commitment and reliable partnerships are at the heart of WGZ BANK’s activities and provide the basis for sustained success
Corporate social responsibility with a particular focus on people and projects in WGZ BANK’s business region
Support for projects that reinforce WGZ BANK’s self-perception as an initiative-led institution
WGZ BANK supports education and science
Based on the principles of the cooperative idea, WGZ BANK is committed to supporting scientific and socio-political education
The objective is in particular to foster economic education in schools and other institutions, and to support training and further education in the field of economics
The WGZ BANK Foundation aims to provide modern impetus to the idea of helping people to help themselves
WGZ BANK is a member of the Initiativkreis Ruhr and is involved in the school project “Dialogue with young people”
As part of this project, several school classes have the opportunity to visit WGZ BANK and are even able to engage in a dialogue with executive board members. They are then in a position to compare their knowledge from the classroom with the practical arguments of business leaders
WGZ BANK provides impetus for the economic and social
development
The initiative “sozialgenial – Schüler engagieren sich” combines learning with civic engagement based on the concept of Service Learning
Young people support others and the community out of school; they encounter social fields of activity and gain new experience, which they can in turn use in the classroom
Since 2009, WGZ BANK has supported the initiative - which is offered throughout its entire business region - with an amount of more than EUR 1.5 million
There has been a longstanding partnership with the foundation “Aktive Bürgerschaft”, the competence centre for civic involvement of the Genossenschaftliche FinanzGruppe
Volksbanken Raiffeisenbanken
Aktive Bürgerschaft is an advocate for a community of active citizens and committed companies
With exemplary models, new ideas and professional competence, it contributes to improving civic involvement in Germany
The social and civic involvement of medium-sized family-owned enterprises in North-Rhine Westphalia is recognised with the “Initiativpreis NRW”, which WGZ BANK offers annually together with the newspapers of the Funke media group
WGZ BANK’s strong commitment to promoting art and culture
WGZ BANK has been collecting works of art for almost three decades, predominantly pieces by young artists from the region who are deserving of support
The contemporary art on display at WGZ BANK has become an integral element of everyday working life, helping shape the bank’s culture and self-perception
WGZ BANK has been a sponsor of Deutsche Oper am Rhein’s opera company since the start of the 2010/ 2011 season and thus one of the key partners of the Deutsche Oper am Rhein in Düsseldorf and Duisburg
Since the start of the 2012/ 2013 season WGZ BANK has also been a sponsor of Martin Schläpfers’ Ballett am Rhein
