TGL WHAAAAAAAT! Alerts, thoughts, discussion. Message Board

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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.

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To: Jim Bishop who wrote ()	3/9/2000 6:32:00 AM
From: SSP	Read Replies (2) of 150070

DEUTSCHE AND DRESDNER BANKS ANNOUNCE MERGER Frankfurt, Mar 09, 2000 (EFE via COMTEX) -- German banking giants Deutsche Bank and Dresdner Bank have merged, the two banks confirmed Thursday, to create one of the largest financial institutions in the world. The new bank, with assets of 1.25 trillion dollars, is to be called Deutsche Bank AG in Germany and Deutsche Bank Group internationally. The merger will be completed by July 1. Deutsche Bank will be the dominant partner in the new entity with between 60 and 64 percent of the shares and Dresdner will have between 36 and 40 percent. At a joint press conference, Dresdner Bank President Rolf E. Breuer and Dresdner Bank President Bernhard Walter said they would share the chairmanship of the new bank which will have a captitalization of 80 billion euros. Walter told reporters that German insurance company Allianz, which owns 4.9 percent of Deutsche Bank and 21.7 percent of Dresdner Bank, would hold a minority stake in an financial services enterprise which will eventually spin off from the new bank. Breuer said the merger was necessary following similar moves by banks in Spain, France and Italy. It will also save more than 2.9 billion euros before taxes over the next three years An estimated 16,000 jobs in the offices of both banks around the world will be shed as the two consolidate their resources, combine operations and shut down some 800 redundant officies, Breuer said. Deutsche Bank and Dresdner Bank have a combined payroll of around 140, 000, according to union sources. Breuer also dismissed as "nonsense" reports that the new Deutesche Bank would sell off investment bank Dresdner Kleinwort Benson. EFE rs/bj Copyright (c) 2000. Agencia EFE S.A. efe.es

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