Press Release Press Release

search

September 08, 2009

Commerzbank with new branch branch in Tianjin / China

Commerzbank is to open its third branch in China on September 9, 2009 in Tianjin. The Chinese authorities have granted the relevant approvals. The branch will be managed by Martin Miller, who headed Commerzbank’s representative office in Bejing during the previous four years.

Ten employees will provide client services to subsidiaries of German companies in Tianjin and in the neighbouring provinces of Shandong, Liaoning, Jilin and Heilongjiang. Over 150 German firms have already established bases in this area. The branch will also provide client services to Chinese firms with interests in Germany through subsidiaries there. The range of products offered by the new branch will range from account management and payment transactions to forex hedging and individual financing products.

The Chinese government’s plan is that that the Binhai New Area, a Special Economic Zone situated in Tianjin, should enjoy a dynamic economic growth comparable to that seen in the Special Economic Zones of Shenzhen in the south and Shanghai in the north of the country. Commerzbank is therefore expecting a further increase in German investment in the Greater Tianjin area, not least given the relocation of the final assembly factory of the Airbus A320 to Tianjin two years ago.

“By opening this new branch in one of Asia’s emerging economic areas, Commerzbank is backing up its claim to be the leading bank for internationally active German small and medium-sized enterprises. We are advising and supporting companies regarding their activities on the Asian market. We also want to stand alongside local Chinese businesses in this region who are developing their business interests in Germany. To help them do that, we offer them the biggest branch network in Germany”, said Dr. Bernd Laber, Divisional Board Member International of Commerzbank’s Mittelstandsbank segment.

Tianjin is a city with 10 million inhabitants, situated some 120 kilometres south-east of Beijing. In mainland China, Commerzbank has, in addition to the new branch in Tianjin, branches in Shanghai and Beijing.

Today around one third of German foreign trade is channelled through the new Commerzbank, the leading export financier for the German industry. The bank is directly represented in around 50 countries in all major economic and financial centres as well as through a network of more than 6,000 banking relationships worldwide.


Contact

Top