Last updated: 09:45 / Tuesday, 23 August 2016
New Offices in Sao Paolo

Commerzbank to Set Up a Subsidiary in Brazil, Business Operations Will Begin in 2016

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Commerzbank to Set Up a Subsidiary in Brazil, Business Operations Will Begin in 2016
  • Commerzbank has been authorized by the Brazilian Central Bank to set up a subsidiary in Sao Paulo, its business activities will target small and medium-sized enterprises, as well as major and capital market companies
  • Harald Lipkau, who is a native of Brazil, will take on the position of General Manager of Commerzbank in Brazil. He started his career in his home country and he was most recently responsible for financial institutions in Asia within Commerzbank
  • Commerzbank is a leading international commercial bank with branches and offices in more than 50 countries. In 2014, it generated gross revenues of almost EUR 9 billion with an average of approximately 52,000 employees

Commerzbank has been authorized by the Brazilian Central Bank to set up a subsidiary in Sao Paulo. It is now expected that business operations for the target group of small and medium-sized enterprises as well as major and capital market companies will be launched in the first quarter of 2016, according to PR Newswire.

"Even though the growth momentum in Brazil has slowed recently, the country still remains the seventh largest economy in the world and is by far the most important economy in Latin America and thus a major economic partner for Germany and Europe. Even in times of volatile markets, it is important for our Mittelstandsbank, the market leader in Germany for SMEs, to have a local presence to support our customers outside Germany," says Bernd Laber, Divisional Board Member International of the Corporate Banking segment ("Mittelstandsbank").

Harald Lipkau will take on the position of General Manager of Commerzbank in Brazil. A native of Brazil, he started his career in his home country and, after progressing through various positions, was most recently responsible within Commerzbank for financial institutions in Asia.

Around 1,400 German companies are currently represented in Brazil, of which approximately 900 are located in the metropolitan area of Sao Paulo. The majority of these companies are already customers of Commerzbank in Germany. It is now planned to serve their local units through the new Commerzbank subsidiary in Sao Paulo. A total of around 50 staff will be available locally for these customers.

Commerzbank plans to offer its comprehensive range of corporate and investment banking services in Brazil. Commerzbank will serve European companies operating in Brazil, and also provide support for international companies aiming to do business in Europe.

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