July 08, 2010
Commerzbank closes sale of Allianz Dresdner Bauspar
As previously announced, Commerzbank has completed the sale of its subsidiary Allianz Dresdner Bauspar AG (ADB), which is specialized in loan savings and financing, to Wüstenrot Bausparkasse AG. The German regulatory authorities have approved the deal. The additionally agreed sales cooperation in the area of home loan savings products will enter into force as from September 2, 2010 as planned. As at end of 2009, Allianz Dresdner Bauspar 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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