Commerzbank to expand business in Hungary
Monday, August 29, 2005, 00:00
Commerzbank AG, Germany's third-biggest lender, plans to hire staff and add 10 branches in Hungary to tap growing demand from small and mid-sized companies in the country. The bank, which opened its first Hungarian branch earlier this year, will focus on companies with annual sales between Euro 600,000 and Euro 6 million, management board member Martin Blessing told journalists at a briefing in Budapest yesterday. The unit of Frankfurt-based Commerzbank expects to boost that customer base fivefold to 1,500 within five years.