Has Allianz learned nothing whatsoever about market timing? Having acquired Dresdner Bank back in 2001, just as the wheels were coming off last time around, it chose the day of Bear Stearns’ implosion in March this year to announce that it was splitting Dresdner from its pesky investment banking division, Dresdner Kleinwort.
Both businesses, it was assumed at the time, were now up for sale.
Three months on and there’s been no concrete news – just a sense that, with Deutsche Postbank and Citigroup’s retail business in Germany also up for sale, there’s something of a glut in the supply of German banks right now.
Step forward Santander, Emilio Botin’s hyperactive Spanish acquisition machine. From Reuters:
Three people told Reuters on Thursday that Santander may bid for Dresdner.
The newswire went on to caution that talks between Santander and Allianz are not as advanced as those already underway between Commerzbank and Allianz, which paid €24bn for Dresdner seven years ago.
Oh, and Deutsche — Germany’s most powerful bank — is also said to be taking a look, despite the apparent competition issues.
Related links
Dresdner’s future – Lex