Germany's Commerzbank has agreed to buy Dresdner Bank from insurer Allianz in a deal worth 9.8bn euros ($14.4bn; Ј8bn).
The move will result in 9,000 job losses, with around 1,000 positions to be cut in the UK where Dresdner has substantial Germany's Commerzbank Agrees to Buy Dresdner ...
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Dresdner had been hit hard by the sub-prime crisis and Allianz and Commerzbank are contributing 1.25bn euros to cover further losses.
The deal will create Germany's biggest bank in terms of customer numbers.
The price tag is less than the 14bn euros Allianz paid for Dresdner seven years ago.
Commerzbank said the deal would help it expand in Germany and abroad.
"We are building a market leader with European significance, and are creating added value for our shareholders," Commerzbank chief executive Martin Blessing said.
"At the same time, the deal will secure many attractive jobs for the long term, even though unfortunately we cannot keep all current positions."
(BBC)
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