Commerzbank AG, Germany’s second largest bank, will officially inaugurate a representative office in Ho Chi Minh City in October, aiming to set its foothold in Vietnam, one of the most dynamic economies in Asia, according to the bank’s press release.
Peter Born, the bank’s vice president and chief representative in Vietnam, said that his bank, as a leading commercial and foreign trade bank from one of the world’s top exporting and importing nations, saw great business potential in Vietnam.
The Ho Chi Minh City representative office will target at strengthening the relationship with Vietnamese financial institutions engaged in international banking, he said.
The office will also support Vietnamese outlets of the Commerzbank’s German and international clientele and also serve as a contact for government bodies, including those in the neighboring countries Cambodia and Laos.
“International banking is still a strategic growth area of Commerzbank, and it has been a core franchise of our bank for more than 130 years,” said Peter Born.
Founded in 1870, Commerzbank is a leading commercial bank in Germany and an integrated provider of universal financial services to private, corporate and institutional customers worldwide.
Since taking over EUROHYPO, Europe's largest institution specialized in financing real-estate and public-sector projects, Commerzbank has been Germany's second-largest bank and one of the leading banks in Europe.
Its consolidated balance-sheet total stands at EUR615 billion ($781billion).
With some 35,000 employees, 8,100 of them active outside Germany, Commerzbank has a network of more than eight million customers worldwide.
In a recent interims report, the bank posted a profit of EUR1.659 billion ($2.1 billion) and a consolidated surplus of EUR1.025 billion ($1.3billion) for the first half of the year 2006.
In Germany, Commerzbank Group operates a nationwide network of more than 1,000 branches. In addition, the bank expands its network to more than 40 countries.
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