Dresdner Bank - Commerzbank International SA

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Dresdner Bank Luxembourg S.A. Annual Report 2008 24 Italy: New partners – network expansion; major volume acquisitions While the previous year was all about reorientation and a new beginning, the activities in 2008 could be characterised with consolidating new relationships with business partners and expanding our international network of experts. First significant sales successes could have been noted down. The main tasks of the Italian Desk were still the professionalism of advisory of existing clients as well as the consolidation and expansion of existing contact base in Italy and the transfer of our services. Besides the traditional content of private wealth management services, we offer in co-operation with local entities of the Allianz Group the entire competence of banking, insurance and asset management. Furthermore, the product themes of our ’Luxembourg structures’ are also gaining significance in the Italian market. In addition to the business presence of Italian competitors, the opportunity for placing the ’Madeira fixed-term deposit’ via our branch in Madeira / Portugal offers an attractive post-tax return. International Desk: Solid business development worldwide – successful expansion of international target markets In a turbulent year for the global economy, the International Team was able to achieve a particularly high level of growth of assets in 2008 in its various target markets (Russia, Poland, Hungary, Czech Republic, Slovakia, Near/Middle East, South Africa and Scandinavia). Furthermore, during the course of the year additional markets were developed, such as Ukraine and Slovenia. Close co-operation with the newly opened subsidiary company of Dresdner Bank AG in Dubai, which was opened as part of the growth strategy of the international Private Wealth Management division of Dresdner Bank Group, enabled the accelerated development of business opportunities and more rapid growth in the Middle East region. The Scandinavia Team was expanded with particular success in 2008 and recruited two new employees. Overall we perceive an increased worldwide interest in services within the financial centre of Luxembourg. We wish to further participate in this in 2009, too.
It is our aim to offer an optimum of services: focused analysis of the financial status of the client and his investment targets. In harmony with the individual targets and objectives of the client, the employees of the International Desk offer cross-border advisory services and carry out the investment of funds. As a result of this approach, an increasing number of private clients, corporations and institutional clients are taking an interest in details of the advantageous company law and the fiscal environment in the local financial centre. In this respect we are offering these regional solutions (Luxembourg structures) and fiduciary accounts at increasing levels. Significant prerequisite for a continued stable future growth in international business is a good understanding of our cross-border activities as well as knowledge of cultural differences and of the applicable company law respectively fiscal environment. Our international teams of advisory make this possible through their many diverse nationalities and corresponding multicultural background – frequently combined with international training. Portfolio management: New investment process implemented – investment strategies expanded by three additional variants The process of revising investment strategies in portfolio Management that already begun in 2007 was completed in 2008. In addition to the DreLux Bond Portfolio, which has been very successful for years, the Dresdner Portfolio Management product family could have been expanded by additional three strategies. The portfolios DreLux Europe 25 and DreLux Europe 50 invest in equities, bonds and alternative investment forms with an emphasis on Euroland. Management Report for Financial Year 2008 Luxembourg Solutions The well-established Grand Duchy profits from an attractive EU legal framework, as well as many years of experience in international business – the best prerequisites for the optimal structuring and efficient management of your assets. 25 Management Report for Financial Year 2008
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Dresdner Bank - Commerzbank International SA

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