Germans Increase Their Foreign Bank Deposits by 47%, FTD Says

German savers increased the amount they have deposited in foreign-based banks by almost half in the past year, Financial Times Deutschland reported in a preview of an article to be published tomorrow, citing its own calculations.

In the 12 months from April last year, Germans increased their deposits in non-German banks by 21.6 billion euros ($28 billion) to 67 billion euros, FTD said. German savings banks, or Sparkassen, meanwhile, took in 17.8 billion euros, according to the newspaper.

More than 5 billion euros was deposited with Bank of Scotland Plc, close to 2 billion with ABN Amro Bank NV, and just since last autumn, Russia’s VTB Direktbank has received close to 1 billion euros, FTD said.

To contact the reporter on this story: Alex Webb in Frankfurt at awebb25@bloomberg.net

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net