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Allianz/Dresdner Deal to Change the Face of German Financial Services Apr 01
Standard & Poors, April 2001
Abstract
LONDON (Standard & Poor's CreditWire) April 5, 2001--The proposed acquisition of Dresdner Bank (AA-/Watch Dev/A-1+), Germany's third-largest banking group, by Allianz (AAA/Watch Neg/A-1+), the country's largest insurer will significantly change the structure of the German financial services sector and could lead to closer strategic links being forged between banks and insurers, Standard & Poor's said today. The deal will see Allianz, which already owns a 19% share in Dresdner, buy the remaining 81% of the bank. As part of the cash and share deal it will also acquire the 41% share of its subsidiary Allianz Life that is owned by Munich Re (AAA/Stable/--), the world's largest reinsurer. In return Allianz will sell its 13.5% stake in Bayerische Hypo-und Vereinsbank (HVB;...
Companies mentioned in this report are: Deutsche Bank AG,Commerzbank AG,Allianz SE,Munich Reinsurance Co.,UniCredit Bank AG,ERGO Versicherungsgruppe AG
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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