April 13, 2010
Commerzbank sells Allianz Dresdner Bauspar to Wüstenrot
Commerzbank AG today announced that it is selling its subsidiary Allianz Dresdner Bauspar AG (ADB), which is specialized in loan savings and financing, to Wüstenrot Bausparkasse AG. Commerzbank and Wüstenrot also agreed upon a long-term exclusive sales cooperation in the area of home loan savings products. All relevant contracts were signed today. Further details are not disclosed. The transaction is still subject to the approval of the relevant authorities. "The products of Wüstenrot are attractive to our clients and are strengthening our market position. Thus, we have decided to cooperate with this partner in the area of home loan savings in the long run", said Achim Kassow, responsible for the private customer business in the Board of Managing Directors of Commerzbank.
The sale of Allianz Dresdner Bauspar is part of the agreement with the EU regarding the utilization of the Special Fund Financial Market Stabilization (SoFFin). As at end of 2009, the company was serving around 670,000 clients. The amount of savings deposits stood at EUR 21 billion. The number of employees was about 350.
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