Our analysis of the investment behavior of savings bank customers confirms the stockholding puzzle, which has so far been based almost exclusively on survey studies. In fact, only a comparatively small proportion of all savings bank customers hold risky investments in their portfolio. Interestingly, it appears that even 16 years after reunification (i.e. at the time of data collection), there were still significant differences in investment behavior between savings bank customers living in West and East Germany, even though the portfolio of investments offered to customers by their savings banks was almost identical. The differences with regard to the extensive decision to hold risky investments are only relatively weak. Although these investments are held somewhat more frequently by customers living in West Germany (+1.1 percentage points), the difference to customers living in East Germany still remains at a moderate level. Apparently the risk-bearing financial products themselves are similarly known and used by savings bank customers in the West and East. However, we find very strong differences in the intensive holding decisions for risky investments. The absolute demand for such products differs significantly between otherwise identical customers living in West or East Germany. Savings bank customers living in West Germany hold much higher risky investment amounts in their portfolios.