Dresdner sells Brazilian subsidiary

by Richard Kilner

Story link: Dresdner sells Brazilian subsidiary

Dresdner Bank AG is to sell Dresdner Bank Brasil S.A Banco Múltiplo, its Brazilian subsidiary, to a Brazilian investment group.

The deal, which is subject to approval by the Central Bank of Brazil, comes after Commerzbank AG took over Dresdner, a deal which was closed in January of this year.

In late January Martin Blessing was appointed as chairman of Dresdner when the takeover was accelerated.

The move comes as part of a wider review of Dresdner’s operations aimed at getting the firm in the best shape for integration with Commerzbank.

The Sao Paulo-based subsidiary firm operates in the investment banking sector and employees 58 people.

It has been acquired by MTTG Holdings S.A., which is led by veteran banker Luiz Cezar Fernandes.