01-Aug-2016 | Brasilien
Commerzbank opens doors in Brazil
Commerzbank has opened its subsidiary in the Brazilian metropolis of São Paulo. The Brazilian Central Bank issued the banking license on 07/28/2016 with the publication in the "Diario Oficial" the official government organ. Objective of the subsidiary is to support German and European companies in Brazil and accompanying large Latin American companies with close ties to the capital markets on their path to Europe.
“The opening of a subsidiary in Brazil is an important step in our internationalization strategy,” said Roland Boehm, Divisional Board Member Corporates International, speaking to journalists in São Paulo on Thursday. “Brazil is currently the world’s seventh-largest macro-economy. In addition, the country is by far the most significant economy in Latin America and a very important business partner for Germany and Europe,” he added. “The country has enormous potential. And especially in times of volatile markets it is important for the corporate banking segment of Commerzbank, as the market leader in Germany, to also be available to its clients in Brazil,” underlined Boehm.
Commerzbank, which has already been present in Brazil for 60 years through a representative office, obtained in September last year an official approval for the establishment of a subsidiary in São Paulo ("Commerzbank Brasil S.A. - Banco Múltiplo")by the Brazilian Central Bank (BACEN). The construction phase lasted round about two years. The license for the business has now been granted.
At present more than 1,300 German companies are present in Brazil, of which approx. 900 are domiciled in the São Paulo metropolitan area. Thus, the metropolis is the largest location for German companies outside of Germany. The majority of the German companies present in Brazil are already clients of Commerzbank in Germany. In the future the local units will be covered by the new Commerzbank subsidiary in São Paulo. A total of some 50 employees are to be active at local level on behalf of clients. Commerzbank plans to offer the extensive product range in corporate and investment banking in Brazil. This includes cross-border payment transactions, risk management, local working capital funding, as well as structured export and trade financing.
Commerzbank is represented with more than 70 sites in over 50 countries worldwide and has a global network of correspondent bank relationships. Commerzbank is the market leader in German foreign trade. In Europe the bank is a strategic partner for international companies active on the European markets, as well as for European companies operating worldwide. In this respect, alongside Europe the important markets are above all Asia and North America – and in the near future also Brazil. The country is an important trade partner for Germany’s small-and medium-sized enterprises, and in particular for the mechanical engineering sector, automotive suppliers and the chemical industry. One fifth of Brazilian exports go to the EU, while Brazil is the tenth-largest trade partner for the EU.