15 June 2020
Commerzbank appoints Jorge Masalles Sarragúa as CEO of Commerzbank Iberia
Jorge Masalles Sarragúa has been appointed as CEO of Commerzbank Iberia, with immediate effect, reporting to David Arlettaz, Regional Board Member for Western Europe.
Masalles Sarragúa takes responsibility for Commerzbank’s Spanish branches, which offer both Spanish and Portuguese corporates a complete range of capital markets, asset finance, global transaction banking and risk management services, delivered through digital solutions and local relationship managers. Masalles Sarragúa succeeds Andreas Schwung, who takes the role of CEO of Commerzbank Hungary.
Born in Barcelona, Masalles Sarragúa has been with Commerzbank for more than twenty years, having joined the London branch in 2000, where he held several senior corporate banking and capital markets roles. Most recently, he was Divisional Head in charge of International Sales in Equity Markets & Commodities (EMC), with teams across Europe and Asia, as well as Head of EMC London.
Arlettaz comments: “In Jorge, we have found an outstanding senior manager from within our own ranks. Jorge has a great deal of experience at the bank and brings with him the full range of expertise necessary for managing our Iberia franchise. I look forward to working with him in the future.”
“Commerzbank Iberia’s ambition is to be the banking partner of choice internationally operating Spanish and Portuguese companies. Our international presence, combined with our in-depth sector knowledge and comprehensive offering of corporate banking solutions, means we are well-placed to achieve this,” adds Masalles Sarragúa. “I want to reassure our clients that despite the considerable challenges we currently face, the Iberian team at Commerzbank is fully committed to remaining by their side for their domestic and international needs.”
Commerzbank opened its representative office in Spain in 1953, with the Madrid branch following in 1980 and the Barcelona branch in 1981. Decades of experience have allowed Commerzbank to gain a true insight into the Iberian market .
Max Bicker +49 69 136 22440
Claire Tappenden +44 20 747 55161
Commerzbank is a leading international commercial bank with branches and offices in nearly 50 countries. The Bank’s two business segments – Private and Small-Business Customers and Corporate Clients – offer a comprehensive portfolio of financial services precisely tailored to their customers’ needs. Commerzbank transacts approximately 30% of Germany’s foreign trade and is the market leader in German corporate banking. The Bank offers its sector expertise to its corporate clients in Germany and abroad and is a leading provider of capital market products. Its subsidiaries, Comdirect in Germany and mBank in Poland, are two innovative online banks. With approximately 800 branches going forward, Commerzbank has one of the densest branch networks in Germany. The Bank serves more than 11 million private and small-business customers nationwide and over 70,000 corporate clients, multinationals, financial service providers, and institutional clients worldwide. Its Polish subsidiary mBank S.A. has around 5.7 million private and corporate customers, predominantly in Poland, but also in the Czech Republic and Slovakia. In 2019, Commerzbank generated gross revenues of €8.6 billion with approximately 48,500 employees.