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October 04, 2007

Commerzbank opens new representative office in Ethiopia

Today Commerzbank has announced that it has opened a new representative office in the Ethiopian capital of Addis Ababa. The ceremony was honoured by the presence of the German Chancellor Angela Merkel and the Ethiopian Prime Minister Meles Zenawi. The office is headed by Konrad Engber, who has more than 5 years of experience in Africa-related business whilst working at group headquarters in Frankfurt.

One key-task of Commerzbank’s office in Addis Ababa will be to maintain close contacts with the National Bank of Ethiopia (Central Bank), local banks and other institutions. The office will also perform representative functions and carry out market research.

At the opening ceremony of the office Klaus-Peter Müller, Commerzbank`s Chairman of the Board, said: “Africa is undergoing a process of economic and political stabilization. The continent is becoming increasingly important for our SME clients, a core target client group of the Bank. For this reason, we wish to seize the opportunity and use our expertise to provide clients with on-the-ground support. I am certain that Konrad Engber and his colleagues are the perfect team to realize this project in Ethiopia.”

The additional presence brings the Commerzbank global network up to a total of 27 representative offices, which, when its many subsidiaries and branches are added on to that figure, means that Commerzbank is now represented in 42 different countries.

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