COMMERZBANK AKTIENGESELLSCHAFT

Group Management Report
170
114 Commerzbank Annual Report 2011
Commerzbank CEE subsidiaries & branches
Commerzbank Eurasija
Russian GDP grew by 4% in 2011. Subdued domestic demand and the downward trend in
the industrial business climate in the second half of the year were offset by strong energy
exports. Despite the European sovereign debt crisis, the economy in Russia was therefore
comparatively stable.
Commerzbank Eurasija’s focus in 2011 was on corporate customer business. Synergy effects
were delivered in 2011 through a group-wide standardised customer support model,
which were a major contributing factor in the success of cross-border business in Russia. In
cash management and international business, more services were developed for corporate
customers in domestic and foreign payment transactions plus individual cash management
solutions. Furthermore, Commerzbank Eurasija took over handling export letters of credit
and guarantees from Eurasian Development Bank (EDB) under a framework agreement. EDB
is a supranational financial institution that concentrates on funding projects from the GUS
countries.
Outlook We expect economic growth in 2012 to be marginally below that of the previous year.
Thanks to still stable commodities prices, the Russian economy should be less affected by
the European sovereign debt crisis and show moderate growth.
Western investors are also expected to strengthen trade links with Russia as the latter
has now become a member of the World Trade Organization. In this market environment,
Commerzbank Eurasija will continue to benefit in the Mittelstandsbank segment from the
well-established range of related services. The cross-border collaboration in cross-border
finance with other Group units in Asia, Western Europe and the USA will also be expanded.
Branches in the Czech Republic and Slovakia
Growth in the Czech and Slovakian economies slowed down in 2011. Activities in both countries
in 2011 focused on corporate customer business.
In 2011, we further strengthened business relationships with local subsidiaries of German
companies. Small and mid-sized companies in the Czech Republic and Slovakia benefited
from attractive medium- and long-term funding which was refinanced under an agreement
with the European Investment Bank. In addition, cash management and funding for Czech
and Slovakian exporters were further expanded. Despite a challenging economic market
environment, international business with local companies was stepped up and the position
as principal bank secured. In both countries, the quality of the credit portfolio was also improved
further. Specialist seminars for customers strengthened new business in the Czech
Republic.