Services sector
The Hanseatic city is traditionally the most important trading centre for goods of all kind in northern Europe, and central gateway for the overseas trade of the Baltic Sea region.
Trade and Finance, Hamburg
Employing three quarters of all employees, Hamburg‘s economic structure is dominated by the services sector. The Hanseatic city is traditionally the most important trading centre for goods of all kind in northern Europe, and central
gateway for the overseas trade of the Baltic Sea region. With more than 32,000 trading companies and over 125,000 employees, Hamburg is the largest centre of trade in Germany.
The Elbe city is not only the nation’s leader in foreign trade, but also an important location for wholesale and retail. Moreover, the trade is a major customer for the business services sector, in particular for banks and insurance companies. Trade and Finance are inseparable. Bearing the centuries-old tradition of Hamburg as a trading centre in mind, it is no wonder that the history of the financial industry in Germany is closely linked to Hamburg.
In 1558, the Hamburg stock exchange opened as the first on German soil. In 1590, the formation of Germany’s oldest private bank Bankhaus Joh. Berenberg, Gossler & Co., followed. A year later, Germany’s first fire contract emerged as a private association of house owners that paid recompense to members when homes were destroyed by flames. In Hamburg, the insurance industry was born. Founded in 1676, the Hamburger Feuerkasse is the oldest insurance in the world.
Today, Hamburg still plays a vital role in the German financial sector, with banks benefitting from financing foreign in international trade flows. Furthermore, the Hanseatic city is home to a dynamic fintech sector, with numerous start-ups developing intelligent digital solutions for next generation banking.
