February 28, 2011
Commerzbank intends to clearly expand corporate customer business with China
Growth of 20 percent planned this year alone
Commerzbank has ambitious plans for corporate customer business with China: Its business volume in the Corporate Banking segment with Asia's largest country is to increase by 20 percent this year alone. Thus, the planned growth rate in China is twice as high as that for the entire Asia region, in which Mittelstandsbank intends to grow by ten percent annually. "We would like to clearly expand our market position in the booming region Asia," said Michael Kotzbauer, Regional Board Member Asia speaking to journalists in Beijing on Monday.
Initial successes from this international strategy are already visible, he added. Thus, the number of German companies in business contact with Mittelstandsbank in China rose by as much as 20 percent last year. A further increase is to be achieved through the acquisition of new customers, as well as through the intensification of existing business relationships thanks to a comprehensive product range in cash management. Commerzbank has been represented in Asia for 50 year now. The representative office in Beijing was opened 30 years ago.
Commerzbank is thus committing itself to the boom region Asia: The bank's economists expect to see ongoing growth in Asia in the coming years. In particular, China's economy is set to grow by 8.2% in 2011.
In Commerzbank's corporate customer business Asia is the most significant market after Western Europe. On the one hand, Mittelstandsbank is geared towards business with German SMEs that do business in China. On the other hand, Commerzbank also advises Chinese firms looking to do business in Germany. In this respect customers are offered an extensive range of products, from loans, through cash management, to hedging products and consulting on the purchase of companies.
The growth strategy of Commerzbank for its corporate customer business involves not just an enhancement of its presence in Germany, but also international expansion. It was only at the end of 2009 that the bank opened its fourth branch in China. In October 2010 Commerzbank received the important Renminbi license for its branch in Beijing, which now allows the branch to offer products in RMB, the Chinese currency, thus completing its existing product portfolio for corporate clients. Further expansion of the branch network is also planned for corporate customers in Europe: This year will already see the opening of a fully fitted branch office in Zurich. Commerzbank continues to regard Eastern Europe and the USA as attractive markets for its corporate business. Commerzbank is represented worldwide in a total of 60 countries, and is thus the market leader for Germany¿s SMEs and major international companies wanting to do business in Germany.
Alongside Mittelstandsbank, Commerzbank is also represented in Asia by its investment banking arm Corporates & Markets (C&M). C&M offers corporate and institutional clients in Europe, Asia and the USA strategic consulting, as well as capital market transactions in the areas Financing/Loans, Equities & Commodities, Fixed Income, in addition to interest and currency products, with a strong focus on derivatives and structured products. C&M employs nearly 100 staff in Asia and is represented in the most important financial centers Hong Kong, Singapore, Tokyo, Beijing and Shanghai.
Contact:
Martin Halusa: +49 170 852.8638
Martin Ziemer: +86 213 855.9713
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Disclaimer
This release contains statements concerning the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of the company as well as expected future net income per share, restructuring costs and other financial developments and information. These forward-looking statements are based on management's current expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Commerzbank has no obligation to periodically update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.
