Dresdner Bank, which owns a significant interest in German lessor
KGAL, after having received €10 billion from the German government
rescue fund SoFFin.
recapitalisation plan will be partly nationalised with the German
government acquiring 25 percent plus one of its shares, had already
received a capital injection from the SoFFin plan in September
2008.
With the new government’s involvement, it has been able to
complete the takeover of Dresdner Bank, the Allianz-owned bank
which was hit hard by the credit crisis and of which Commerzbank
already had a significant stake.
The operation, which began last August, has formed a banking
giant that will be a rival to Deutsche Bank.
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“We are weatherproofing our bank for an economically stormy
environment,” Commerzbank’s CEO Martin Blessing said.
The acquisition is likely to bring changes in the German leasing
market, as Commerzbank already owns Commerz Real, one of the
biggest players in Germany’s real estate leasing sector.
Commerzbank is now also the sole shareholder of Dresdner Bank,
which controls 45 percent of KGAL (see survey).
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