A key part of Triodos Bank’s focused strategy is to sharpen its commercial footprint, allocating resources to where it has the strongest potential to succeed and drive long-term impact with sufficient scale. Therefore, Triodos Bank announced earlier this year that it is re-assessing its product-market combinations in all markets and in particular reviewing the activities within Triodos Bank Deutschland (TBDE).
Following a comprehensive review process, the Executive Board has decided to wind down Triodos Bank’s banking business in Germany in relation to which the local works council’s rights will be considered. Triodos Bank will have a key focus on how to best support the TBDE co-workers throughout the process. Triodos Bank expects to complete the winddown in 2027.
Triodos Bank estimates EUR 12 million of one-off costs in our 2025 result related to this decision. This will include amongst others a provision for redundancies and the write-off of the deferred tax asset related to the German business.
Customers will receive updates on next steps and timelines once the process with the local works council has been concluded on which basis the decision can be implemented. In the meantime, Triodos Bank remains committed to maintaining the high-quality service and support our customers are used to.
Marcel Zuidam, CEO of Triodos Bank, said: “Our strategy is set on pursuing focused growth enabling us to allocate resources to where we can create the most positive impact. After a careful review of our German activities the Executive Board concluded that we cannot in a reasonable timeframe achieve the necessary scale for meaningful impact in Germany. We deeply regret that this will affect our co-workers and customers in Germany. Both will receive our full support throughout this process.”
Marc Kirchhoff, Managing Director of Triodos Bank Deutschland, added: “We have a lot to be proud of in terms of what we have achieved in Germany, and the positive impact we have helped to create over the years. The decision to wind down our operations means that this journey will regretfully come to an end, but until then we will stand side by side with our co-workers and customers to enable a smooth and thoughtful conclusion.”