November 02, 2010
Commerzbank's Beijing Branch awarded RMB licence by the China Banking Regulatory Commission
● Commerzbank underlines commitment to Chinese market
● Beijing branch now offers full range of corporate banking products including RMB loans
Commerzbank, Germany's leading bank for private and corporate customers, today announced that its Beijing branch has received a Renminbi (RMB) licence from the China Banking Regulatory Commission (CBRC). With this licence, the bank will offer new products in RMB, as well as completing its existing product portfolio.
The receipt of the RMB license for the Beijing branch represents the final step of a successful integration of Dresdner Bank forming the new Commerzbank in Asia. It allows us to offer a full range of corporate banking products including RMB loans
"We have seen an increasing demand for RMB, especially from German corporates. We are now able to support German corporates with their growth in China on a broader scale. Commerzbank's clearly defined cross border strategy in Asia is to facilitate German corporates on their way to China, as well as to be the Chinese corporates' gateway into Germany, Europe's economic engine," says Jan Willem Sudmann, General Manager of the Beijing branch of Commerzbank.
"The integration of Dresdner Bank, the opening of Tianjin Branch in 2009 and the receipt of the RMB licence mark our long-term commitment in China. These critical steps give us new opportunities to service our clients both in China and Europe. We are better placed than ever before to participate in the rapid growth in Asia, and especially in China," says Michael Kotzbauer, Commerzbank's Regional Board Member for Asia.
In Asia, Commerzbank runs branches in Beijing, Shanghai, Tianjin, Hong Kong, Singapore and Tokyo.
About Commerzbank Commerzbank is the leading bank for private and corporate clients in Germany. With the segments Private Clients, Mittelstandsbank, Corporates & Markets, Central & Eastern Europe as well as Asset Based Finance, the bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented corporates in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has the densest network of branches among the German private banks. It has above 60 sites in more than 50 countries and serves approximately 14 million private clients as well as one million business and corporate clients. In 2009 it posted gross revenues of EUR 10.9 billion with some 63,000 employees.
Press contact:
Martin Ziemer +86 21 3855 9713
Martin Halusa +49 69 136 85331
Jacqueline Qu (FD) +86 10 8591 1952
