Dresdner Bank - Commerzbank International SA

Dresdner Bank Luxembourg S.A. Annual Report 2008
72
Advisory Bank
with a Future
Through the merger of
Dresdner Bank and
Commerzbank, another heavyweight will be created
on the European financial market.
Out of the previously number two- and three-ranked German private banks,
a European heavyweight will be created with more than one trillion euros in total
assets, nearly € 300 billion in managed assets and approximately 14 million private
and business customers. Weeks of negotiations preceded the agreement. In the
past, major deals had repeatedly failed due to excessive speculation beforehand.
This time everything was different, as no details reached the public, only
rumours. Those at the helm were under great pressure since not only the
Allianz shareholders were expecting a solution for Dresdner Bank, whose
results had collapsed due to the subprime crisis after a record year in 2006.
According to the media, a consolidation of the German banking market was
long overdue.
In the last week of August, suspense rose. On that Thursday, Allianz, Dresdner Bank
and Commerzbank confirmed a meeting of the Management Boards and Supervisory
Bodies. That evening an urgent message on the tickers divulged that Commerzbank would
acquire Dresdner Bank from Allianz for the price of € 9.8 billion. A historic and major event
in the 136-year history of the bank was announced. A few hours later, the first press conference
INTEGRATION
A future built on tradition
Three crucial factors for the successful integration
of Dresdner Bank into Commerzbank:
1. Speed ahead of excessive complexity. A blueprint is a construction manual to be
realized as good as possible. It is important in this case to produce visible success as
quickly as can be.