Commerzbank has received an approval from the China Banking Regulatory Commission to offer renminbi products in the country.

The receipt of the RMB licence marks the final step in the integration of Dresdner Bank to form the new Commerzbank in Asia. It also allows the German bank to offer a full range of corporate banking products, including RMB loans.

"The integration of Dresdner Bank, the opening of Tianjin Branch in 2009 and the receipt of the RMB licence mark our long-term commitment in China. These critical steps give us new opportunities to service our clients both in China and Europe. We are better placed than ever before to participate in the rapid growth in Asia, and especially in China," said Michael Kotzbauer, the bank's regional board member for Asia.

Commerzbank runs branches in Beijing, Shanghai, Tianjin, Hong Kong, Singapore, and Tokyo.