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’Cazenove, the broker that got brokered
Us Brits think of Cazenove as being the epitome of shrewd.
After all, Cazenove partners are/were the masters of corporate broking, the ultimate financial weather-vane for London’s financial community. One-in-three Footsie bosses would/do count the firm’s urbane chairman,
Rising risk provisions hit Commerzbank
Commerzbank on Thursday raised its risk provisions as Germany’s second largest bank was hit in the second quarter by problems in property markets and turmoil in eastern Europe. But Commerzbank, which continues to struggle after its takeover of Dresdner Bank,
Dresdner sees €3bn Q4 loss
The extent of problems at Dresdner Bank became clear on Thursday as it pulled former parent Allianz into a worse-than-expected loss in 2008, its first in six years. Europe’s biggest insurer sold Dresdner to Commerzbank in a deal last month but not before writedowns linked to the sale dragged Allianz to a €2.4bn ($3.1bn) net loss.
Dresdner woes hit Allianz – again
Allianz’s Dresdner Bank unit posted its biggest quarterly loss since the start of the financial crisis, the insurer said Monday, pushing the group to a €2bn ($2.57bn) net loss, reports Reuters. Allianz is selling Dresdner Bank,
Pressure remains on German lenders
German banks remained under pressure on Tuesday, even as the country’s most recent victim, Hypo Real Estate, saw shares buoyed by the resignation of its chief executive. Commerzbank shares closed 14% lower at €10.24 as concerns lingered over the bank’s planned takeover of Dresdner Bank,
Beijing’s caution scuppered Dresdner bid
China Development Bank’s plan to bid for Germany’s Dresdner Bank failed in large part because Chinese leaders refused to agree to the deal in time, in a sign of Beijing’s increasingly cautious attitude to investments in western financial institutions.
City buyers eye Dresdner’s UK units
Potential buyers for Dresdner Kleinwort, the British core of Dresdner Bank’s investment banking franchise, are emerging even as Commerzbank’s acquisition of Dresdner Bank takes shape, reports the FT.
Dresdner deal raises concerns
Commerzbank shares fell more than 10% on Monday in a downbeat reaction from investors to its €9.8bn acquisition of Dresdner Bank, its domestic rival, from Allianz. The acquisition combines Germany’s second and third largest banks to create a domestic rival to Deutsche Bank,
Commerzbank: Better to travel than to arrive?
The long-awaited Commerzbank/Dresdner tie-up is here and Commerzbank stock is err, down almost 7 per cent.
Summarising investor concerns, which include everything from operational risks to the possibility of an immediate need for additional capital,
For you Dresdner, ze brand is over
Since yesterday morning even. German blog, Schwabenblog, points out that (German) Wikipedia has had the following entry at least since 8:41 yesterday:
[Dresdner Bank] was bought by Commerzbank on Aug.
Commerzbank in €9bn deal for Dresdner
Allianz, Europe’s biggest insurer, has agreed to sell Dresdner Bank to Commerzbank in a deal that will re-shape the German banking industry. Allianz’s supervisory board approved the sale of Dresdner on Sunday,
CBK to buy Dresdner
Via Reuters:
FRANKFURT, Aug 29 (Reuters) – Allianz has agreed in principle to sell its Dresdner Bank unit to Commerzbank, a source familiar with the situation said on Friday. Commerzbank plans to take an initial 51 percent stake in Dresdner,
Allianz sets up sale of Dresdner for €9bn
A deal to reshape the German banking industry with the sale of Dresdner Bank to Commerzbank for about €9bn ($13bn) appeared imminent on Thursday when the target’s parent, Allianz, and the likely buyer both said they would hold extraordinary meetings on Sunday to try to seal a deal.
Allianz eyes delay to Dresdner break-up
Allianz is willing to delay or abandon its plan to split Dresdner Bank into separate units before a key deadline this month, a move that would signal a deal was close for the insurer to sell the whole of Dresdner – most likely to Commerzbank,
Dresdner losses weigh on Allianz
Heavy losses at Allianz’s up-for-sale Dresdner Bank subsidiary continued to dog Europe’s biggest insurance group as it revealed a big drop in Q2 profits and abandoned its growth forecasts. Allianz warned that markets were deteriorating and that it may not be able to meet its longer-term target of increasing operating profits by a compound annual rate of 10% until 2009.
Chinese bank eyes Dresdner
China Development Bank, which funds the nation’s public works, is interested in buying Allianz’s Dresdner Bank unit to gain a foothold in the European market, reports Bloomberg. The Beijing-based lender has conducted due diligence on Dresdner,
Underwriters braced for hit as HBOS slides
Underwriters to the HBOS rights issue were preparing yesterday night to pick up the tab for the UK mortgage bank’s £4bn cash call after a fresh slump in the stock made it highly likely that shareholders would shun the fundraising.
Commerzbank, Dresdner step up merger talks
Commerzbank and Dresdner Bank have deepened talks about a potential merger that could create a bigger domestic rival to Deutsche Bank in Germany’s fragmented banking sector. Commerzbank and Allianz, the insurance group that owns Dresdner,
Lloyds TSB eyes bid for Dresdner
Lloyds TSB has made a tentative approach to buy Germany’s Dresdner Bank from Allianz, the insurance group, in the latest sign that the UK’s fourth-largest bank is seeking opportunities in the German retail banking market,
Weekend catch-up
In case you missed these stories:
US Treasury to launch regulatory shake-up
The US Treasury department is planning to unveil on Monday a series of recommendations that would radically reshape the regulation of the US financial services industry,