Geschäftsbericht 2002 - Commerzbank International SA

individually-tailored investment strategies in an
international context. Above all in the area of
retirement planning, there was increased investment
in the specialised training of advisors.
The Eurolux System policy represents not only
the ideal supplement to existing private provision
– since it is becoming ever clearer that the
statutory pension scheme and company pension
provision, in their current form, will not be sufficient
in future to safeguard the pension system
in the long term – it is also an excellent instrument
for retirement planning.
The merger between Allianz AG and
Dresdner Bank AG, and the resulting entry into
the Allianz Group, serve to strengthen the future
prospects of Dresdner Bank Luxembourg S.A.
Bilateral contracts with the group companies of
AGF (Assurances Générales de France) based
in the Benelux countries were further developed
during the year under review with the aim of
offering the customers of both organisations
new, innovative products and of being able
to develop the regional markets even more effectively
on a joint basis.
The financial year 2002 was the third year
in succession in which all leading share indexes
recorded losses. Contrary to the expectations
of many analysts, as in previous years, bond
investments significantly outperformed equities.
In this context, the Asset Management department
was able to achieve a solid result for the
moneys entrusted to the Bank. At the same time,
through structural changes, the Asset Management
department further improved its efficiency.
Dresdner Bank Luxembourg, S.A. Sucursal
Financeira Exterior (DBL NL Madeira), through
which the Bank has a branch in Funchal,
Madeira, almost doubled its turnover in its
second full financial year, thus achieving a
positive result. On the basis of double taxation
agreements, Dresdner Bank Luxembourg S.A.
offers commercial and private investors the
possibility of obtaining an above-average net
yield after tax by investing in the free trade zone
of Madeira.
With effect from 1 March 2002, Dr. Joachim
v. Harbou retired as Chairman of the Board
of Directors and the Loan Committee. We wish
to extend our thanks to Dr. v. Harbou for his
services to Dresdner Bank Luxembourg S.A.
The new Chairman of the Board of Directors is
Dr. Bernd Fahrholz.
Assets
Loans and advances to credit institutions rose
from E 7.4 billion to E 9.7 billion at the yearend.
As in the past, in selecting its partners
for money-market transactions, Dresdner Bank
Luxembourg S.A. applies high standards
of creditworthiness. The Bank’s activities are
essentially concentrated on Europe.
Assets (in W million)
9,684.0
4,401.0
3,070.1
874.4
Loans and advances
to credit institutions
Loans and advances
to customers
Debt securities
and other
fixed-income securities
Other assets
MANAGEMENT REPORT
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