September 03, 2007
Commerzbank obtains license for branch in Dubai
Commerzbank today announced that it has been awarded a banking licence by The Dubai Financial Services Authority for a new branch in Dubai. As Commerzbank’s 21st branch outside Germany, this important foothold in the Middle East will enable the bank to participate in the region’s rapidly growing economic potential and further develop relationships with its German and Middle Eastern clients as their local financial partner.
The new branch will provide a wide range of banking services for both corporate customers and institutional investors. These services will initially comprise structured investment products, derivatives, trade finance and transaction banking, as well as asset management via cominvest. Commerzbank will also offer clients access to the region’s first specialist international bank for real estate, by providing real estate financing services through its Eurohypo subsidiary.
The branch will be located in the Dubai International Financial Center, and will be headed by Ralph Nitzgen. Mr. Nitzgen has spent the last 15 years working in corporate banking at Commerzbank.
Martin Blessing, Member of the Board of Managing Directors and responsible for the Mittelstand (SME customers) segment is optimistic about the business potential of the new branch: “Ralph Nitzgen has been responsible for the region for many years. Combined with his experience in running our representative office in Bahrain, he has extensive knowledge of the business environment and culture of the Gulf region. I firmly believe that the new branch will help capture the huge opportunities available in the region for the benefit of the Commerzbank Group.”
