Commerzbank sees Asia growth without takeovers

Commerzbank aims to grow on its own in Asia and rules out taking a stake in a big Chinese bank for now.

Commerzbank plans to open a new office in the northern Chinese city Tianjin in 2008 and is already represented in Shanghai, Hong Kong, Singapore and Tokyo, Blessing said in an interview with the Frankfurter Allgemeine Zeitung.

"However, we won't take a stake in a big Chinese bank because the high share prices really exclude it," said board member Martin Blessing, who is responsible for the bank's core business with German medium-sized companies.

Commerzbank also plans to grow further in central and eastern Europe by building up business from its position at smaller banks in the region. Last month, Commerzbank announced that it had taken a majority stake in Bank Forum, Ukraine's 10th-largest bank.

Source: Reuters
Date: 01.10.2007 [ID: 103]