Commerzbank and Dresdner Bank Merger Talks: A Three-Way Deal with Allianz on the Table

Commerzbank, Germany's fourth-largest commercial bank, is set to discuss its merger talks with Dresdner Bank, its potential partner in a three-way tie-up involving Allianz, the insurance group. Despite agreement being some way off, the supervisory board of Commerzbank will receive a verbal report on the talks' progress from executives involved. The idea of restructuring a merged bank to involve Allianz, Dresdner's largest shareholder, is being considered as one of the options under discussion. Both banks confirmed that their talks, which began last week, have been progressing in a positive spirit.

Key Takeaways:

• Commerzbank's supervisory board will hear details of the merger talks with Dresdner Bank at its regular meeting, but no vote will be taken due to lack of agreement.
• The talks involve the possibility of a three-way deal with Allianz, which owns 21.7% of Dresdner Bank.
• Both banks are examining different options, including the idea of restructuring a merged bank to involve Allianz.
• A three-way deal is the preferred structure for the tie-up, according to executives at both companies.
• Dresdner Bank's next supervisory board meeting is scheduled for September.
• The merger talks have been progressing in a positive spirit.

Statistics:

• 21: The number of members on Commerzbank's supervisory board.
• 21.7%: The percentage of Dresdner Bank owned by Allianz.
• 2: The number of stages in the proposed merger, with the first stage involving the creation of a holding company with subsidiaries for retail banking, corporate banking, asset management, and investment banking.
• September: The scheduled date of Dresdner Bank's next supervisory board meeting.

Sources:

• Commerzbank, Germany's fourth-largest commercial bank (no date)
• Die Welt, German newspaper (no date)