Global private and corporate banking provider Commerzbank has revealed it will open a Vietnamese representative office in Ho Chi Minh City at the start of August.
Peter Born, who has extensive experience of working in Asia, most recently as Commerzbank’s Seoul office head, will be in charge of the new foreign outlet – the bank’s 26th.
One of the key functions of the new representative office will be to establish closer links with local banks handling the financial side of German-Vietnamese trade. At the same time, it will provide support for the Vietnamese outlets of Commerzbank’s German and international clientele and also maintain contacts with government bodies, including those in the neighboring countries of Cambodia and Laos.
Peter Born commented: For two years now, Vietnam has been drawn into China’s dramatic economic upswing. Trade with Germany and Europe is expanding dynamically. I’m convinced that Vietnam, which today has only a low per capita income, will experience a long upswing. As a leading bank for smaller companies and in external trade, Commerzbank wants to share in and benefit from this bullish mood.