Brazilian Central Bank (BACEN) has officially allowed Commerzbank to set up a subsidiary in São Paulo, Brazil; business operations for the target group of small and medium-sized enterprises and major capital market companies will be launched in the first quarter of 2016.
The subsidiary will count with a total of 50 employees, and Harald Lipkau will take the position of general manager of Commerzbank in Brazil.
“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,” Divisional Board Member Bernd Laber said.
Around 1,400 German companies are currently represented in Brazil, and approximately 900 of them are based in São Paulo. The majority of these companies are customers of Commerzbank in Germany. Commerzbank will now serve European companies operating in Brazil and provide support for international companies aiming to do business in Europe.
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