Commerzbank opens representative office in the Georgian Republic
Commerzbank AG has opened a representative office in the Georgian capital of Tbilisi. Germany's second-largest bank had previously been awarded a license to do so by the National Bank of Georgia.
- (1888PressRelease) November 01, 2011 - With the new representative office, Commerzbank is expanding its network of branches in Eastern Europe and Central Asia.
The head of the office in Tbilisi is Marco Graff. In his many years of working for Commerzbank, he has gathered extensive knowledge of the special economic and cultural characteristics of Russia, Central Asia and the Caucasus. As the bank's representative, he will be the contact person for local banks and German and international companies in Georgia and Armenia.
"Georgia's importance as a transit country for energy from the Caspian Sea region and as an independent place to do business is growing constantly. Investment by German and other international companies there is increasing sharply. Commerzbank aims to participate in this dynamic process," stresses Christof Gabriel Maetze, Global Head of Financial Institutions at Commerzbank AG. Commerzbank already handles around 20 percent of exports to Georgia.
With its locations in Baku, Ashghabat, Tashkent and Almaty, it has a stronger presence in the region than any other European bank. The new representative office in Tbilisi now means that Commerzbank is represented at around 60 locations in 50 countries worldwide.
With a customer base of more than 100,000 small and medium-sized enterprises (revenue of more than 2.5 million euros) and banking relationships with just about all of major German companies, Commerzbank regards itself as a strategic partner for corporate customers regionally, nationally in Germany and internationally on the global markets of Germany's strong export-oriented economy.
Press contact:
Martin Halusa: Tel. +49 69 136-85331
About Commerzbank
Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Clients, Mittelstandsbank, Corporates & Markets, Central & Eastern Europe as well as Asset Based Finance, the Bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has one of the densest networks of branches among German private banks. It has above 60 sites in 50 countries and serves more than 14 million private clients as well as one million business and corporate clients worldwide. In 2010 it posted gross revenues of EUR 12.7 billion with some 59,100 employees.
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