German insurance company Allianz has confirmed reports that it is selling Dresdner Bank to its rival Commerzbank for 9.8 billion euros.
In a major step towards consolidation of the banking sector, the tie-up will bolster Commerzbank's position as number two in the market behind Deutsche Bank. A newly-combined German bank would have total assets of around 1.1 trillion euros. Up to 9,000 could be put up to 10,000 jobs at risk, especially in Dresdner's troubled investment banking unit.
(Deutsche Speculation over sale of Dresdner Bank to Commerzbank ...
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