The fate of Dresdner Bank, the banking subsidiary the insurer Allianz, will he finally decided
In any case what the Sources close to the dossier, stressing the deadline
August 31 set by Allianz for draw a line under its diversification banking. But outcome of the case is more complex than it seems because the group is Munich faces two bids redemption quite different, one from Commerzbank, number two of the Finance German, and the other from China Development Bank (CDB).
The Chinese, says on a Frankfurt, would buy both bankers Dresdner Kleinwort that the activities of retail Dresdner Bank and offers them would be bigger than Commerzbank. Analysts value the bank between 8 and 9 billion euros, or significantly less than 24 billion disbursed by Allianz at redemption in Protected content . Meanwhile an assignment Dresdner to the CBD would Munich group access to Chinese market for insurance. "From an economic point of view a sale to the Chinese east more attractive, but this transaction may face the refusal of politics, "explains Jürgen Scharaf, the analyst Metzler bank.
Officially Berlin refuses to take a decision but it is no secret person that the government promotes a national transaction to create a second national champion next Deutsche Bank. But a merger with Commerzbank No less delicate because it may lead the loss of thousands of jobs. The union employees Verd.di bank is already on the alert, warning to "a bloodbath" cases of national solution. Rest also the question inancial closure of a such transaction by a bank with limited resources.
A analysts believe, Commerzbank must give its fund manager at Cominvest
Allianz Group and proceed to Parallel to an increase capital of at least 3.5 billion euros. In addition, the bank could get rid of its participation in the group Linde, estimated at one billion
euros. Finally, Allianz would stake in Commerzbank for the equivalent 3 billion euros. That
would be the solution as the second German bank would propose this weekend. But given
the complexity of the case, Experts do not rule on plus a report or a judgement the current process.
Louis-Serge Real del Sarte
European Director at Global Equities