Germany’s Commerzbank inaugurates representative office in Baku

Martin Blessing, Acting Chief of Commerzbank, said the establishment of an office in Azerbaijan is a move forward within the framework of the Development Strategy in Central and Eastern Europe.

According to him, the office will, at the first phase, cover the banking markets of Azerbaijan and Georgia, operate in “close cooperation” with the National Bank of Azerbaijan, local banks, government agencies, foreign institutions, local businesses, and brief German corporate customers seeking exploration of economic growth in Azerbaijan and Georgia.

The office will also conduct researches in Azerbaijan’s banking market.

Blessing added that Commerzbank has branches and offices in 43 countries around the world.

Baku office is the bank’s seventh point in the CIS area.

Commerzbank is a partner-correspondent bank for 21 commercial banks in Azerbaijan.

Depending on the future circumstances, Commerzbank is likely to upgrade its office to a branch in Baku.

Martin Blessing also didn’t rule out the probability of acquiring a stake in local banks.

Commerzbank executed 15% of agreements between Azerbaijan and Germany. The bank last lent $130 million to International Bank of Azerbaijan (IBA) in December, 2007.

In November, 2007, the National Bank of Azerbaijan granted a license for establishment of a representative office of Commerzbank.

/APA/