November 27, 2007
Commerzbank opens new representative office in Baku Blessing: "Another step in our growth strategy for Central and Eastern Europe"
Commerzbank has been granted the license for a representative office in Baku by the National Bank of Azerbaijan. The bank is hoping to share in the strong economic growth of the Caucasus region with this 28th representative office abroad.
"I am delighted that Commerzbank is now represented in the Caucasus. Our new office in Baku is another step in our growth strategy for Central and Eastern Europe," says Martin Blessing, Member of the Board of Managing Directors of Commerzbank.
The new office in the capital of Azerbaijan will be headed by Dr. Marco Graff, who has already gained a wealth of experience in the banking business of the former CIS countries from more than a decade of service to Commerzbank in Central Asia and Russia. The new representative office will open for business locally in November 2007.
The office will initially cover the Azerbaijan and Georgian markets; Armenia may be added at a later date. The main task of the office in Baku will be to maintain close contact with the National Bank, local banks, government and international institutions and local business communities. It will also advise German corporate clients wishing to benefit from the opportunities arising from the positive economic performance in Azerbaijan and Georgia. The office will also carry out market research.
"The markets in the countries in the Caucasus are experiencing extremely strong growth. Gross domestic product in Azerbaijan is increasing at an annual rate of over 30%, not least as a result of its abundance of commodities. We intend to use our new representative office in Baku to further expand our investment in the region," says Per Fischer, Head of Financial Institutions at Commerzbank.
The new location means that Commerzbank is now present in 43 countries by way of subsidiaries, branches and representative offices. This year, new units have already been opened in Dubai and Addis Ababa. In 2008, Tianjin, Panama City and Lagos will complete the international network of offices.
