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Commerzbank Dubai branch inaugurated as headquarters in Middle East
BY A STAFF REPORTER

10 January 2008

DUBAI — Commerzbank AG Dubai branch has been formally inaugurated as the Middle Eastern headquarters for Commerzbank Group, Germany’s second biggest bank.

It is its 21st foreign branch, and the bank has increased its presence to 43 countries.
Klaus-Peter Müller, Chairman of the Board of Managing Directors of Commerzbank AG and President of the Association of German Banks said: “Client and market demand together have led to us increasing our commitment to the Middle East, and Dubai in particular. 2007 saw us extend our international footprint, with the opening of units in Dubai, Baku and Addis Abeba. Lagos, Panama City and Tianjin will complete our international network in 2008.
“This demonstrates a clear focus on the next wave of emerging markets, particularly the MENA region and Asia, which is proving to be a global economic powerhouse.”

The bank has had a presence in the Middle East for more than 30 years, but expanded its Gulf presence in September 2007, when it was awarded a banking licence by Dubai Financial Services Authority (DFSA). The new branch is based at Dubai International Financial Centre (DIFC).

 

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