commerzbank chairman undermines increased commitment to gcc; mena growth strategy
Commerzbank AG Dubai branch has been formally inaugurated as the Middle Eastern headquarters for Commerzbank Group, Germany’s second biggest bank, as the bank added its 21st foreign branch, and increased its presence to 43 countries.
Klaus-Peter Müller, Chairman of the Board of Managing Directors of Commerzbank AG and President of the Association of German Banks, stated that locating the bank’s regional headquarters in Dubai was a sign of the group’s commitment to the Middle East as part of its global growth strategy.
He said: “Client and market demand together have led to us increasing our commitment to the Middle East, and Dubai in particular. 2007 saw us extend our international footprint, with the opening of units in Dubai, Baku and Addis Abeba. Lagos, Panama City and Tianjin will complete our international network in 2008.
“This demonstrates a clear focus on the next wave of emerging markets, particularly the MENA region and Asia, which is proving to be a global economic powerhouse.”
The bank has had a presence in the Middle East for more than 30 years, but expanded its Gulf presence in September 2007, when it was awarded a banking licence by Dubai Financial Services Authority (DFSA). The new branch is based at Dubai International Financial Centre (DIFC).
Müller added: “The high levels of liquidity and investment and infrastructure in the region have led to a real need for the Group’s services, notably in areas of project and real estate finance as well as asset management.”
He was speaking on the occasion of the official launch of Commerzbank’s Dubai branch, which was held in the presence of a number of local and regional dignitaries, including His Excellency Klaus-Peter Brandes, the German ambassador to the UAE.
Commerzbank’s strategic expansion has opened up new growth channels for the Middle East. Through the regional headquarters of its parent company, Eurohypo has become the first international specialist bank in the Middle East to offer expertise in European real estate investment markets as well as structured real estate finance solutions. As a result, the group can now offer two-way investment opportunities between Europe and the Gulf.
The team in Dubai features access to the group’s subsidiaries, including a strong asset management division, as well as a division specialised in structured finance for corporates and markets, to meet the demand from existing – and new – clients.
