RSS feeddresdner
’Forget ‘bonus rage’, go to (a British) court
While US investment bankers face congressional grillings and “bonus rage”, Britain – somewhat ironically – is looming as a shining centre of bonus redemption for litigious bankers.
Even as the UK attempts to halt a bonus culture that politicians blame for helping to create the credit crisis, imposing a 50 per cent “super tax” on bank bonuses over £25,000,
Commerzbank ‘back on growth path’
Commerzbank could return to profit next year and is integrating Dresdner Bank more quickly than expected after last year’s troubled takeover, its chief executive has said. Defying concern about the health of Germany’s second largest bank,
Commerzbank sells Dresdner unit to LGT
Commerzbank is to sell Dresdner Bank’s Swiss subsidiary to LGT Bank of Liechtenstein as it presses ahead with reorganisation after last year’s troubled takeover. LGT’s purchase of Dresdner Bank (Switzerland) doubles its asset base in Switzerland to about SFr20bn ($19bn) under management for a total of about SFr87bn.
Snap news
Breaking pre-market news on Monday,
- Commerzbank sells Dresdner Bank (Switzerland) to Liechtenstein-based LGT Group — statement.
- Julius Baer first-half net profit falls to CHF 324m, AUM up 9 per cent at CHF 299bn — statement.
Painful deleveraging. Coming soon.
Cazenove produced a note earlier this week focussing on European banks. All of whom, forget not, operate with very high levels of leverage. Although Euro-specific, the note has implications for all banks.
All calm on the Allianz front
The German government’s unexpected capital injection into Commerzbank late on Thursday may have revived some of those 2008 emergency banking bailout jitters, but – all in all – analysts seem fairly unrattled by the move.
Commerzbank statement: German govt to take 25% stake
Statement just out from CBK (emphasis ours):
Commerzbank AG / Corporate Action/Acquisition
08.01.2009
Release of a UK Regulatory Announcement, transmitted by DGAP – a company of EquityStory AG.
Commerzpanic
Who said market runs on banks were a 2008 affair?
Commerzbank was pummelled in Frankfurt on Thursday after this report in our erstwhile sister-publication, Financial Times Deutschland:
Exklusiv Coba braucht frische 10 Milliarden
Basically,
Nothing personal, Commerzbank…
Alexander Hendricks, banks analyst at Deutsche Bank, is clearly on message. From a note dispatched to clients on Tuesday:
The deal catapults Commerzbank into new dimensions; it becomes the largest retail and SME bank in Germany.
Commerzbank and Dresdner in pictures…
This is a really complex deal. Just look at the slide show:
Related links:
Commerzbank agrees €9.8bn deal with Dresdner – FT story
Commerzbank webcast – at 9.30 London time
First look at Commerzbank/Dresdner
What’s this? The prospect of another bank rights issue on the horizon?
JPM analysts Francesca Tondi and Erica Noda seem to think so. Only this time it would come from a new bank. One formed from a merger of Commerzbank and Dresdner.
Postbank sale talks ‘moving quickly’
Deutsche Post intensified expectations of a big reshaping of Germany’s banking landscape by saying talks had advanced with several lenders over the sale of its Postbank subsidiary. The logistics company,
Sprechen Sie Spanisch?
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,
Does Deutsche want a non-desperate capital boost?
Monday used to mean mergers. Now it seems to mean “capital raising”.
While Hbos looked poised to become the next UK bank to tap investors for cash, Germany’s banks were also in the spotlight.
A report over the weekend in Der Spiegel posited that Deutsche Bank would ask its shareholders to approve plans to raise €17bn.
China banks turn down Dresdner deal
China’s top financial institutions, including its sovereign wealth fund China Investment Corp, rejected reports they were considering the purchase of Allianz’s Dresdner bank, citing investment risk and political problems as key concerns,
Bank forecasting impossible, admits Allianz
A rare outbreak of plain speaking. From the Germans.
Allianz, the German insurer that owns Dresdner Bank and last week decided to prise apart its retail and investment banking operations, on Thursday said in its annual report that meeting its financial target of increasing operation profits by an average of 10 per cent each year had become “much more challenging.”
Dresdner questions future of SIVs
Dresdner Bank on Thursday provided the latest evidence that a meaningful recovery in commercial paper remains a distant prospect when it provided a potential $19bn rescue facility for K2, its structured investment vehicle,
Dresdner offers support to K2 SIV
Another SIV bites the dust. Dresdner on Thursday became the latest bank to step in to prevent a firesale of assets by ponying up a liquidity line to its $18.8bn K2 structured investment vehicle.
The bank has succeeded in reducing the SIV’s size from $31.2bn last July – and Dresdner’s offer aims to allow an orderly sale of the SIV’s assets to “ensure the repayment of all senior debt of K2.”
Dresdner to double hedge-fund specialists
Dresdner Kleinwort plans to double the number of hedge fund specialists in its investment bank over the next three years as the bank, owned by insurer Allianz, seeks to raise extra revenue from the rapidly growing industry.