Frankfurt-based Commerzbank has made an alliance with $72 billion-asset KeyCorp, to sell international banking services to Key's U.S. business clients doing business in Eastern Europe, the Russian Federation, and central Asian countries.
KeyCorp said in a statement that the agreement will help provide cash management and trade-related and consultative services to corporate clients from the Midwest, Northwest, and Northeast markets. Commerzbank will also help Key's clients who are establishing a presence or operating in those countries, via its own network in Eastern Europe and the Russian Federation.
KeyCorp gained a substantial multinational clientele when it acquired Society Bancorp. in March 1994.
Linda A. Grandstaff, chief executive officer of Key Corporate Capital Inc., said the foreign markets included in the agreement "offer great investment and growth opportunities for Key's corporate clients."
The Commerzbank alliance is the second piece of Key's international growth strategy. In January 1997, it forged a similar alliance with Standard Chartered Bank to offer services to Key's corporate clients in Asia.