What is the relationship between Commerzbank and Hamburg in the context of the input sentence. Choose an answer from: product/material produced; manufacturer; distributed by; industry; position held; original broadcaster; owned by; founded by; distribution format; headquarters location; stock exchange; currency; parent organization; chief executive officer; director/manager; owner of; operator; member of; employer; chairperson; platform; subsidiary; legal form; publisher; developer; brand; business division; location of formation; creator.

Hanseatic Ship Asset Management (HSAM) was established in Hamburg by Commerzbank AG in 2013 as part of a strategy to efficiently reduce their loan exposure to the shipping industry.

Answer: location_of_formation