January 23, 2008
Commerzbank continues to strengthen its presence in Africa by opening a Representative Office in Lagos
Within the scope of its growth strategy, Commerzbank is consistently proceeding to strengthen its presence in foreign markets by opening a new Representative Office in Lagos, Nigeria. Last year saw the opening of a Branch in Dubai and Representative Offices in Addis Ababa and Baku, closely followed by the establishment of a Representative Office in Panama City this year, so that Lagos is now the fifth new location to be set up within a short space of time.
Nicholas Teller, the Board Member responsible for Africa, sees great potential in Nigeria and the West African region. To mark the opening of the office on 23rd January, 2008, he commented: "Since returning to democracy in 1999, Nigeria has experienced a very positive political and economic development. As the most populous country of the entire continent and as an important OPEC member, Nigeria is an interesting sales market for both capital and consumer goods and the service industry. We therefore decided to make sure of early representation not only here, but also in other states of the ‘Continent of Opportunities’ ".
The Representative Office will be headed by Florian M. Witt, who has many years' experience in African and specifically Nigerian banking. He will be supported by a team of four local professionals who also possess extensive banking expertise. Their tasks primarily include the expansion of relationships with banks and government offices in Nigeria and the neighbouring West African states, as well as the provision of assistance to corporate clients.
Commerzbank is now represented on the African Continent by a Branch in Johannesburg and Representative Offices in Addis Ababa, Cairo and Lagos. It thereby demonstrates on-the-ground commitment which is well above average in comparison with that of many other large banks.
