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Chinese Suitor Courts Dresdner Bank Unit - Report

Tom Burroughes

28 March 2008

Allianz, the Munich-based financial services group, has been approached by a Chinese bank for one of Allianz’s divisions, the investment banking arm of Dresdner Bank, according to Manager Magazin, quoting unnamed sources. The identity of the Chinese bank was not disclosed and Allianz declined to comment on the matter when it was contacted by WealthBriefing. Dresdner Bank said earlier in March that it will be divided into two completely separate entities under a holding company, enabling it to participate more actively in the consolidation of the banking sector. If plans to sell the investment bank and the private client segment fail, Allianz may seek a tie-up of Dresdner Bank with Commerzbank, the magazine said.