German bank sets up fifth IFSC subsidiary

Commerzbank, the large German bank, has established its fifth subsidiary bank in the International Financial Services Centre in Dublin. Commerzbank International (Ireland), with initial share capital of 200 million deutschmarks (£80 million), is focusing on the provision of credit facilities to corporate customers. It follows the establishment in 1989 of CICM Ireland, a joint venture between AIB and Commerzbank, which is involved in asset management services to investment companies. The group employs about 70 people in the Dublin operations.