Commerzbank Buying Dresdner Bank
Published September 1st, 2008
Germany’s Commerzbank has agreed to buy Dresdner Bank from insurer Allianz in a deal worth 9.8bn euros ($14.4bn; £8bn).
The move will result in 9,000 job losses, with around 1,000 positions to be cut in the UK where Dresdner has substantial operations.
Dresdner had been hit hard by the sub-prime crisis and Allianz and Commerzbank are contributing 1.25bn euros to cover further losses.
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