MUNICH - Bayerische Hypotheken-und Wechselbank, the German bank known as Hypobank, said it is selling two of its minority interests, including its 25% stake in the U.S. investment bank ABD Securities Corp., to Dresdner Bank of Frankfurt.
Dresdner Bank, the second-largest in Germany, will become the sole shareholder of ABD.
Dresdner will also become the 100% owner of Deutsche Gesellschaft fuer Immobilienfonds, an investment company, by buying Hypobank's 35% interest.
In a similar transaction in 1991, Hypobank sold 10% of Deutsche Investment-Trust Gesellschaft fuer Werpapieranlagen to Dresdner Bank.
Munich-based Hypobank said the sales are linked to the establishment of its own securities and investment banking activities through three subsidiaries.
