a German Global Player in Banking
Commerzbank was founded in 1870 by Hanseatic traders. A first foreign office in London was opened soon after foundation of the bank and since then the bank has always pursued the growth of international business.
In 2008, the bank acquired Dresdner Bank - another German banking giant. Today, Commerzbank is the key provider of financial services in Germany. Germany, herself, is the third largest economy and has often ranked #1 in exports the recent years - thanks to its image “Made in Germany”.
From Correspondent Banking to Institutional Banking
Since the 1960ies the bank was active in correspon-dent banking. Confirmation of Letters of Credit, Bank Guarantees, Project Finance/Buyer Credits, Payments and Reserve Management for the Central Bank of Nigeria have been offered since then.
During the last ten years, Commerzbank has broad-ened the eligible product range and deepened the relationships with Nigerian Financial Institutions, the Central Bank and governmental agencies as well as selected corporates (jointly with indigenous banks).
Nowadays, the bank has a diversified portfolio of transactions in the areas of trade finance, project finance, advisory, reserve management cash and liquidity management and other Investment Banking. This is backed by a considerable risk appetite which is defined based on our extensive research and dedicated risk management functions for Nigeria within the bank.
Commerzbank’s Global Footprint:
More than 2,300 Offices in more than 60 Countries
- Commerzbank is present in more than sixty countries and maintains client relationships to approx. 11mn private clients, 150,000 corporate clients and 6,000 banks, incl. Central Banks and Supranationals.
- Furthermore, through its Financial Institutions Division, the Corporate Finance/Debt Capital Markets Division and Public Finance affiliate (Eurohypo) the Commerzbank Group provides financial products and services to governments, government agencies and state governments/local authorities.
- Commerzbank acquired Dresdner Bank in 2008. Two German banking giants which both existed for more than 140 years, joined forces and formed the most important German bank by customer size, German deposit volume, German market share in credit allocation and international trade finance
Commerzbank History in Nigeria
1960: 50 years ago a first Commerzbank delegation visited the country in order to assess the market possibilities Nigeria would generate once the independence would have been achieved end 1960. The documentation that was available in Commerzbank’s archives proved that the bank saw a great potential for Nigeria and that the bank envisaged to participate accordingly.
1981: Commerzbank plans to open a Representative Office in Lagos. However, the Latin American Debt Crisis hit the bank and global expansion was halted.
2007: The Board of Directors decided to put a strong growth emphazis on Africa and opened offices in Lagos, Addis Ababa and Tripolis. Lagos has been considered the main growth driver out of the three locations.
Commerzbank is Committed to Nigeria’s Economic Growth and her Legitimated Position in the Global Economy
- 5.2% of Nigeria’s combined global importation in 2009 was financed and/or settled via Commerzbank. 37.2% of trade with Germany was financed and handled via Commerzbank.
- Although the ongoing Nigerian banking sector restructuring changed the risk perception in the financial markets about the Nigerian banking industry. However, Commerzbank with its local research network and professional understanding of the environment will play a pivotal role in supporting the Nigerian financial sector in its ambition to become a Regional player with global reach.
- Strong relationships with 17 Nigerian banks.
- Honorary Financial Advisor for the Nigerian-German Energy Partnership, advising both the Nigerian as well as the German partner.