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Commerzbank set to buy Allianz unit

Frankfurt, August 29, 2008

Allianz SE has agreed in principle to sell its Dresdner Bank unit to Commerzbank, a source familiar with the situation said on Friday, a deal that will fuse Germany's second- and third-biggest banks.

Commerzbank plans to take an initial 51% stake in Dresdner, then buy the remaining 49 per cent at a later stage, the source said.

Commerzbank had no comment. Allianz was not immediately available.-Reuters




Tags: Commerzbank | Allianz | buy |

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