German public bank
The German banking system is structured in three different pillars, totally separated from each other. They typically differ in their legal form and the ownership. Private banks, represented by banks like Deutsche Bank or Commerzbank as listed companies, and Hauck & Aufhäuser or Bankhaus Lampe as less known private companies, are part of the first tier. The second tier is composed of co-operative banks like the numerous Volksbanken and Raiffeisenbanken. They are based on a member-structure where each member, independently from its capital share, has one vote. The third tier consists of public banks, which are a legally defined arm of the banking industry in Germany. They are further divided into two main groups.