Commerzbank purchases Dresdner Bank for EUR9.8 bn.

/INTERFAX-AFI, Frankfort on the Main, September 2, 08/ - Commerzbank agreed with Allianz insurance company on the acquisition of its Dresdner Bank for EUR9.8 bn. According to Allianz message, the insurer with shares of around 30 % will be the major shareholder of the combined bank, which will occupy the leading position in Germany retail and corporate client's service. Allianz supervisory board approved the deal, which will take place in two phases and should be completed not later than the end of 2009. Allianz must also obtain permission from regulatory authorities. In the first phase Commerzbank buys 60.2 % stake in Dresdner Bank from Allianz. In exchange, the insurer will receive 163.5 m. new shares of Commerzbank (18.4 % of capital), estimated at EUR3.4 bn. In addition, Commerzbank will pay EUR2.5 bn. in cash and give the insurance company Cominvest - a unit, engaged in asset management and is estimated at EUR700 m. The second stage will be merging of Commerzbank and Dresdner Bank. Commerzbank will acquire the remaining 39.8 % Dresdner Bank. Allianz will receive shares in Commerzbank at EUR3.2 bn., the message said. The volume of assets under management of Allianz after receiving Cominvest will exceed EUR300 bn., which will allow company to take the first place in Germany in this segment. Merging of Commerzbank and Dresdner Bank will create a bank with 1.2 th. affiliates, which will have 11 m. individual clients and over 100 th. corporate and institutional clients. Commerzbank is the second major German bank, Dresdner Bank - is the third. The first took the Deutsche Bank, which not lose this position after the merger of Commerzbank and Dresdner Bank. [2008-09-02]