Commerzbank completes Allianz Dresdner Bauspar sale
by Richard Kilner
Commerzbank has announced that it has completed the sale of Allianz Dresdner Bauspar AG (ADB), its subsidiary which specialises in loan savings and financing, to Wüstenrot Bausparkasse AG.
The agreement has been given the green light by German regulatory authorities, meaning that Wüstenrot Bausparkasse AG will acquire Allianz Dresdner Bauspar’s 670,000 client base, as well as its €21bn of savings deposits.
The acquisition has been given the go ahead a week after Commerzbank sold Kleinwort Benson to RHJ International, in a deal made as part of the agreement egarding the Special Fund Financial Market Stabilization (SoFFin) with the EU Commission.
Commerzbank has made a number of recent sales, including Dresdner Van Moer Courtens, the Belgian branch of its subsidiary Commerzbank International S.A. Luxembourg (CISAL) and Dresdner Bank Monaco S.A.M.