Commerzbank Obtains License for Branch in DubaiPress Release 03 Sep 2007 09:00 am
German Banking Giant to Establish Base at DIFC
Commerzbank, Germany’s second largest bank, today announced that it has been granted a license by the Dubai Financial Services Authority (DFSA) to open a new branch in the Dubai International Financial Centre (DIFC).
As Commerzbank’s 21st branch outside its home country, the new unit is intended to give the bank a gateway into the Middle East finance sector and provide the region with access to investment markets in Europe. It will also serve as a financial partner for its German and Arab customers’ international trade relationships.
The new branch will provide a wide range of banking services for both corporate customers and institutional investors within the Middle East. These will include structured investment products, derivatives, trade finance and transaction banking, as well as asset management via Cominvest. Commerzbank will also offer access to the region’s first specialist international bank for real estate, providing the full range of structured real estate financing services through its Eurohypo subsidiary.
Nasser Al Shaali, Chief Executive Officer, DIFC Authority, said: “The addition of Commerzbank to the DIFC’s growing number of eminent financial institutions will help strengthen ties between this region and the markets of Europe. Commerzbank is a respected and influential force in global banking, and its presence in the Middle East will significantly invigorate the sector here.”
Ralph Nitzgen, General Manager, Commerzbank, said: "I look forward to the challenge of setting up in a new market for Commerzbank Group with the support of a highly motivated team. I can promise all prospective clients that we will establish a center of professional excellence for all our clients in the region. We look forward to welcoming you."
Martin Blessing, Member of Commerzbank’s Board of Managing Directors, responsible for the Mittelstand (SME) segment, highlighted that Nitzgen has represented Commerzbank in the Middle East region for more than 15 years, and so was seen as the natural choice to head up the bank’s new branch.
“Along with his experience in running our representative office in Bahrain, Ralph Nitzgen has extensive knowledge of the business environment and Gulf region,” Blessing said. “I firmly believe that the new branch will help capture the huge opportunities available in the Middle East for the benefit of our clients and the Commerzbank Group.”