Commerzbank will now have 21 branches outside Germany, providing the bank with an important foothold in the Middle East, which will enable it 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 be located in the Dubai International Financial Center and will be headed up by Ralph Nitzgen, who has spent the last 15 years working in corporate banking at Commerzbank.
The new office will offer a wide range of banking services for both corporate customers and institutional investors. These services will initially comprise of 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.
Martin Blessing, member of the board of managing directors and responsible for the Mittelstand (SME customers) segment said: 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.
