Dresdner Bank - Commerzbank International SA

Dresdner Bank Luxembourg S.A. Annual Report 2008
4
Foreword of the Management Board
Dresdner Bank Luxembourg S.A. –
still a stable and reliable
financial partner in 2008
In 2008, we experienced the impact that close economic integration in a globalised world can bring.
While the subprime crisis was still regarded as a largely regional problem of the US economy,
it became clear by autumn 2008 at the very latest that, with the collapse of Lehman Brothers, this
crisis influenced the entire global economy. Almost from one day to the next, the general economic
conditions changed worldwide. . From that point on, recession, real estate crisis, financial crisis and
banking crisis characterize the daily events in the international capital markets. . This was followed
by extensive intervention of central banks and governments, which set up aid programmes on
a scale that had previously not been considered possible.
All of this came along hand-in-hand with a huge loss of confidence by many investors in the quality
of various financial investment products. Investor behaviour changed abruptly and security became
a central theme in customer advisory. Against this backdrop again the importance of regularly
scrutinising advisory and support quality in one’s own company became clear.
Dresdner Bank Luxembourg S.A. optimises regularly the existing processes in advisory for the
benefit of its customers. With the introduction of a computer-based system using a theory developed
by Harry M. Markowitz to map the relation between risk and performance in custodianship
accounts, we are taking a significant step beyond the requirements for appropriate and investorfocussed
advisory services, as prescribed by the MiFID financial market directive.
The culture of excellence, experienced and deep-seated in the more than 40 years since the
company’s formation, the innovation and focus on the future,, as well as the enormous willingness
of our highly qualified and dedicated employees, caused Dresdner Bank Luxembourg S.A. a solid
business performance for 2008 in spite of the difficult market environment. Although the available
profit of € 346.6 million is affected by the special effects from shareholdings held by the bank, the
ordinary result from the business activities can be viewed as positive.