German giant granted DIFC licence

Commerzbank, Germany's second-largest bank, has been granted a licence to open a branch in the Dubai International Financial Centre (DIFC).

The new branch, which is Commerzbank's 21st outside Germany, will provide banking services for both corporate customers and institutional investors within the Middle East.

These will include structured investment products, derivatives, trade finance and transaction banking, as well as asset management through Cominvest, a wholly-owned subsidiary of Commerzbank.

Commerzbank will also offer access to the region's first specialist international bank for real estate, providing a full range of structured real estate financing services through its Eurohypo subsidiary.

"The addition of Commerzbank to the DIFC's growing number of eminent financial institutions will help strengthen ties between this region and the markets of Europem" said Nasser Al Shaali, CEO of DIFC Authority.

"Commerzbank is a respected and influential force in global banking, and its presence in the Middle East will significantly invigorate the sector here."

The DIFC branch will be headed by Ralph Nitzgen, who previously ran Commerzbank's representative office in Bahrain.