- The Washington Times - Thursday, November 27, 2008

BERLIN (AP) - Commerzbank will take over rival Dresdner Bank AG in January, months earlier than expected, Commerzbank announced in a statement Thursday.

Commerzbank said it had reached a deal with Dresdner’s owner, insurer Allianz SE, to buy the final 40 percent stake in Dresdner for euro1.4 billion ($1.8 billion).

“We are accelerating the takeover and insuring a fast integration,” said Commerzbank chief executive Martin Blessing.

Commerzbank bought 60 percent of Dresdner Bank from Allianz in August.

The new bank will have 11 million private customers in Germany and a network of 1,200 branches peppered across Europe’s biggest economy.

It will be Germany’s biggest in terms of branches and customers, overtaking Deutsche Bank AG.

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On the Net:

http://www.commerzbank.com

http://www.dresdnerbank.com

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