Commerzbank has opened a representative office in Bangladesh’s capital, Dhaka, as a contact point for local banks and German and international companies. The aim is to expand its network and corporate business in the growing Indian subcontinent and other emerging markets.
The basis for the move is the constant growth of the economy in Bangladesh, said Commerzbank, which has seen growth rates of between 5%-6% for 15 years now.
Commerzbank holds a traditionally strong market position in import and export business between Germany and Bangladesh. “We are convinced that we will be able to significantly increase our market shares in import and export business with Bangladesh through our new local presence,” said Christof Gabriel Maetze, a member of the executive management board, responsible for financial institutions at Commerzbank.
The bank, which has required German taxpayer support, now has 60 locations across 52 countries worldwide and supports 100,000 small and medium-sized enterprises (SMEs) alongside its multinational clients. Commerzbank already has 13 branches and representative offices in Asia, including Bangkok, Beijing, Hong Kong, Shanghai, Singapore, and Tokyo.