Dear valued client,
First and foremost, I would like to take this op­por­tuni­ty to introduce and welcome you to our new-look newsletter. Through IN.sights we go beyond the headlines, providing expert com­men­tary and analysis on the industry trends that matter to you. In a global economic land­scape that remains in constant flux, it has never been more important to have a deep un­der­stand­ing of the developments shaping our market.
We live and work in a time of transformation. Sustainable and digital transformation is firmly underway, and are strategic priorities for finan­cial institutions and international corporates alike. Add to it the two great cur­rent disruptions to global trade – the ongoing impact of the pandemic and the conflict in Ukraine – and the complexity is hard to overstate.
These are the topics that are firmly in our sights as we launch our rebranded newsletter. At their best, keen insights can help us prepare for the chal­leng­es created by change – and help us steer towards the op­por­tuni­ties. As your trusted partner, it is our job to keep you informed and support you as the landscape continues to transform.‍

Expert view‍
The shifting currents of global trade: major trends, challenges and opportunities‍

Brigitte Réthier offers her expert per­spec­tive on the key trends shaping global trade, including changing geopolitical dy­nam­ics, energy diversifi­cation, securing supply chains and cross-industry col­lab­ora­tion.‍
Learn more ➔‍

Industry focus
The Big Bang: ISO 20022, migration success and lessons learned
March 2023 marked the highly an­tici­pated launch of ISO 20022. Ingrid Weißkopf and Dr Roland Nehl discuss a play-by-play of the pay­ment migra­tion weekend and the oppor­tunities ahead for both FIs and cor­porates.
Learn more

Regional spotlight
Tectonic shifts in trade: the outlook for Eastern Europe and Central Asia
Cutting through the complexity of the East­ern Europe and Central Asia markets, our experts share their insights on how trade has changed, and the outlook for the future.
Learn more

Commerzbank in the News
Kotzbauer talks restructuring, resilience and regionalisation with The Banker
June’s edition of The Banker featured an interview with Commerzbank’s Michael Kotzbauer, the board member responsible for Corporate Clients. He discussed the bank’s return to Germany’s DAX index in 2023 after a five-year hiatus and the recent restructuring. Kotzbauer also lauded the Mittelstand and the contribution of SMEs to the German economy. He commented: “Look at the digital and energy transformation — new technology, hydrogen and carbon storage; a lot of it is coming from the German Mittelstand, which has exactly these strengths. These are highly resilient companies, very experienced in international markets. They are driving growth momentum and driving change.” Read the full interview with The Banker [paywall]

USD 52 million loan for green finance banking in Brazil
Brazil is an important player in the global push for a greener and more resilient economy, and meeting the country's climate and development goals requires public and private funds. To help address this need, German development finance institution DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH provided a loan with a total volume of USD 52 million to Banco Safra, Brazil's fourth largest private bank. Commerzbank has contributed USD 15 million of the long-term loan. The use of proceeds will be invested by the borrower in different green initiatives. This combined engagement is a model for impact financing, highlighting the importance of private capital for Brazil's economic transformation. “At Commerzbank, we are convinced that by working together with our clients we will be able to make a significant contribution to achieving climate goals and a long-lasting sustainable transformation,” comments Juan Löhnert, Commerzbank’s Regional Head FI, Latin America.

Vitzthum lends voice to Reuters’ ESG expert compendium
Commerzbank’s Director of ESG and Sustainable Finance Solutions, Wolfgang Vitzthum recently featured in an expert whitepaper compiled by international news agency Reuters. The newly published report, titled “ESG Under Pressure: An expert case-study compendium” delves into the role of ESG in decision-making for key market players, and how sustainable principles are being woven into long-term strategies. Vitzthum joins other thought leaders from across the banking, business and private equity sectors, to offer his insights on top strategic priorities for ESG diligence. Key takeaways include how ESG considerations factor into M&A transactions, identifying growth opportunities and how technology is being used to process and secure sensitive data. Download the whitepaper from the Reuters website

Commerzbank wins three leading industry awards
Commerzbank has been awarded Best Trade Finance Provider in Germany for the fourth consecutive year by the leading banking and finance magazine Global Finance. The Trade Finance & Supply Chain Finance Awards 2023 are based on data gathered from banks, analysts, corporates and other industry players. Global Finance also named Commerzbank overall Best Bank in Germany, owing to the success of its current corporate strategy – which has resulted in the highest profit recorded in more than a decade. Reflecting the bank’s commitment to digitalisation, Commerzbank has been recognised by Euromoney as Western Europe’s market leader in the use of technology in trade finance. In the 2023 edition of Euromoney’s Trade Finance survey, which assesses responses from thousands of trade finance users, Commerzbank was placed first in the regional ‘Market Leader – Technology’ category.

Commerzbank celebrates 50 years in London
In April, Commerzbank’s London branch which is located in the heart of the City, celebrated its 50th anniversary. “We’re delighted to celebrate this milestone,” said David Clapham, Country CEO, UK. “As a core German relationship bank for international business in the UK, we put our corporate and institutional clients at the heart of what we do. We’re driven by integrity and united in our ambition to deliver innovative solutions to support our clients in reaching their goals.”

Commerzbank AG‍The bank at your side

‍Important information:
The opinions and estimates contained herein have been done with due care and diligence and are true and correct to the best of our knowledge at the given time, and are subject to change without notice. This newsletter is for information purposes only. Commerzbank AG Institutional Clients & Transaction Banking Sales accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of or in any way connected with the use of all or any part of this newsletter.
If you do not wish to receive the IN.sights newsletter, you can unsubscribe at any time by clicking on the unsubscribe link provided below.
By objecting to the receipt of advertising in general, you can object to the processing and use of your personal data for advertising purposes, market research or opinion polling for the future at any time. Commerzbank will then not send you any more newsletters, invitations to events, customer surveys or other advertising information. You can trigger the general objection to receiving advertising immediately by clicking here and this can only be revoked by contacting your bank advisor.
Japan: This document and its distribution do not constitute and should not be construed as a "solicitation" under the Financial Instrument Exchange Act (FIEA) of Japan. This document may be distributed in Japan solely to "professional investors" as defined in Section 2(31) of the FIEA and Section 23 of the Cabinet Ordinance Regarding Definition of Section 2 of the FIEA. Note that Commerzbank AG, Tokyo Branch has not participated in its preparation. Not all financial or other instruments referred to in this document are available within Japan. You should contact Corporate Clients Division of Commerzbank AG for inquiries on availability of such instruments.
Singapore: This document is furnished in Singapore by Commerzbank AG, Singapore branch. It may only be received in Singapore by an institutional investor or an accredited investor as respectively defined in section 4A of the Securities and Futures Act, Chapter 289 of Singapore (“SFA”) pursuant to section 274 or section 275 (as applicable) of the SFA. Nothing in this document constitutes accounting, legal, regulatory, tax, financial or other advice and/or recommendations to the recipient of this communication. Further, the communication/information provided herein does not constitute a “financial advisory service” within the meaning of the Financial Advisers Act, Chapter 110 of Singapore (“FAA”) and therefore, the regulatory requirements and duties that may be owed to a client pursuant to or in connection with the FAA are not applicable to the recipient in connection with this communication. Recipients are advised to seek independent advice from their own professional advisers about the information contained discussed herein.
United Kingdom: Commerzbank AG London Branch is authorised and regulated by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and the European Central Bank. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
US: This document has been created and published by the Corporate Clients division of Commerzbank AG, Frankfurt/Main or the group companies mentioned in the document ("Commerzbank").
This is a financial promotion/marketing communication (together “communication”). It is not “investment research” or “financial analysis” as these terms are defined in applicable regulations and has not been prepared by a research analyst. The views in this communication may differ from the published views of Commerzbank Corporates & Markets Research Department and the communication has been prepared separately of such department. This communication may contain short term trading ideas. Any returns or future expectations referred to are not intended to forecast or predict future events. Any prices provided herein (other than those that are identified as being historical) are indicative only, and do not represent firm quotes as to either size or price. This communication is for information purposes only. The descriptions of the products and ideas featured in this document do not purport to be comprehensive descriptions. The information contained herein does not constitute the provision of investment advice. It is not intended to be nor should it be construed as an offer or solicitation to acquire, or dispose of, any of the financial instruments and/or securities mentioned in this communication and will not form the basis or a part of any contract.
Potential counterparties/ distributors should review independently and/or obtain independent professional advice and draw their own conclusions regarding the suitability/appropriateness of any transaction including the economic benefit and risks and the legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances. Levels, bases and relief from taxation may change from time to time. Any information in this communication is based on data obtained from sources believed by Commerzbank to be reliable, but no representations, guarantees or warranties are made by Commerzbank with regard to the accuracy, completeness or suitability of the data. Commerzbank has not performed any independent review or due diligence of publicly available information regarding an unaffiliated referenced asset or index. The past performance of financial instruments is not indicative of future results. No assurance can be given that any financial instrument or issuer described herein would yield favourable investment results. This communication is intended solely for distribution to Professional Clients and/or Eligible Counterparties of Commerzbank. It is not intended to be distributed to Retail Clients or potential Retail Clients. Neither Commerzbank nor any of its respective directors, officers or employees accepts any responsibility or liability whatsoever for any expense, loss or damages arising out of or in any way connected with the use of all or any part of this communication.
Commerzbank and/or its principals or employees may have a long or short position or may transact in financial instrument(s) and/or securities referred to herein or may trade in such financial instruments with other customers on a principal basis. The information may have been discussed between various Commerzbank personnel and such personnel may have already acted on the basis of this information (including trading for Commerzbank’s own account or communication of the information to other customers of Commerzbank). Commerzbank may act as a market maker in the financial instruments or companies discussed herein and may also perform or seek to perform investment banking services for those companies. If an actual secondary market does not exist after an offering, you may not be able to sell the security at a price above or below what you paid initially at the offering. Generally secondary market pricing, which Commerzbank is not obligated to provide, can be above or below offer price based on market factors at that point in time. Debt securities issued by Commerzbank or its affiliates are unsecured obligations and any payment on the security is subject to the credit risk of the issuing entity. Any changes to our credit rating may have a positive or adverse impact on the security. If we were to default on our payment obligations, you may not receive amounts owed to you and or lose your entire investment.
The offer price of our securities will exceed the estimated value when the value was provided, as determined by Commerzbank’s pricing models, which incorporates numerous factors that may include our creditworthiness, market conditions as well as other applicable factors. These pricing models are proprietary and predicated partly on certain assumptions about future events that can be correct or not. The difference between the estimated value and offer price is based on factors that can include underwriter discount, commission and expenses involving marketing. No part of this communication may be reproduced, distributed or transmitted in any manner without prior written permission of Commerzbank. This communication or the manner of its distribution may be restricted by law or regulation in certain countries. Persons into whose possession this document may come are required to inform themselves about, and to observe any such restriction. By accepting this communication, a recipient hereof agrees to be bound by the foregoing limitations.
To the extent this communication is distributed in the United States, it must solely be sent to “institutional investors” and “major U.S. institutional investors,” as defined in Rule 15a-6 under the Securities Exchange Act of 1934. Any securities transaction by U.S. persons must be effected with Commerz Markets LLC (“CMLLC”), a wholly owned subsidiary of Commerzbank AG and a US registered broker-dealer. CMLLC is a member of FINRA and SIPC. Under applicable US law, information regarding clients of CMLLC may be distributed to other companies within Commerzbank. Banking services in the U.S. will be provided by Commerzbank AG, New York Branch. Any derivatives transaction with U.S. persons must be effected with Commerzbank AG, in accordance with the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Commerzbank AG is not a member of SIPC and is a provisionally registered swap dealer with the CFTC. Some products or services may be unavailable in the United States.
Commerzbank Aktiengesellschaft (public limited company)
Office premises: Kaise‍rplatz, 60‍311 Fran‍kfurt am M‍ain
Postal address: 6‍0261 F‍rankfurt am M‍ain
Your contact for questions to the company:
Telephone: +4‍9 (0)6‍9 1‍36-20
Commerzbank website
Authorized representatives/board:
Manfred Knof (Chairman),
Marcus Chromik, Michael Kotzbauer, Sabine Mlnarsky, Jörg Oliveri del Castillo-Schulz, Bettina Orlopp, Thomas Schaufler
Registration court:
Local Court Frankfurt am Main
Commercial register number: H‍RB 3‍2000
VAT registration number:
DE–1‍14 10‍3 51‍4
Supervisory authority responsible:
European Central Bank, Sonneman‍nstraße 2‍0, 60‍314 Fra‍nkfurt/Main
Federal Financial Supervisory Authority, Graurheindorfer S‍traße 10‍8, 53‍117 Bo‍nn, Germany
and Marie-C‍urie-Str‍aße 24–28, 604‍39 Frankf‍urt/Main, Germany
Bafin website
BAK-Nr. 100005
European online dispute resolution platform:
The European Commission has set up a European Online Dispute Resolution Platform (OS platform). A consumer may use the platform for the out-of-court settlement of a dispute arising from online contracts with a company established in the EU.