Dresdner Bank - Commerzbank International SA

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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.
We have successfully continued the expansion strategy for Dresdner Bank’s Private Wealth Management with the acquisition of two Asset Managers in the Netherlands. Furthermore, new and attractive products and solutions have been developed and established for wealthy private clients. New markets have been opened up. Resumptive, it is justifiable to say that the Luxembourg success story could have been continued – Dresdner Bank Luxembourg S.A. was once again awarded the title of best Private Wealth Management entity of the Dresdner Bank Group in 2008. We rely on quality, competence, individual advisory and the specific advantages of Luxembourg’s location – now, as well as in the future. At this point we would like to express our thanks to everyone who has contributed to the successful positioning of Dresdner Bank Luxembourg S.A. during the past years. Without the confidence of our customers, business partners, supervisory bodies and employees, we would not have been able to achieve this success. New challenges are coming up to us, which we are pleased to face. The decision announced on 31 August 2008 by Allianz and Commerzbank to integrate Dresdner Bank into Commerzbank will also entail changes for Dresdner Bank Luxembourg S.A. The bundling of the proven competence of these two large private banks forms a sound basis for the further expansion of the range of innovative financial products and solutions “Made in Luxembourg”. Within the framework of the integration project, we will define a sustainable, futureoriented business model, which enables us to remain a reliable and stable financial partner at our customers’ side. A merger with Commerzbank International S.A. (Luxembourg) is expected to take place at the end of 2009. The overriding motto during all the integration activities will be: The customer takes centre stage and should call on unaltered the high quality of our services. Your Management Board of Dresdner Bank Luxembourg S.A. Benedikt Buhl Chairman of the Management Board, Chief Executive Officer (CEO) Arnd Heßeler Member of the Management Board, Chief Financial Officer (CFO) Joseph Kusters Member of the Management Board Foreword of the Management Board 5
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Dresdner Bank - Commerzbank International SA

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