Dresdner Buys Up Unit
FRANKFURT - Dresdner Bank said it has merged its eastern German banking operations with those of the parent bank by raising its stake in the Dresden-based Dresdner Bank Kreditbank to 100% from 85.9%.
The merger was retroactive to Jan. 1. As a result, the bank has a unified organizational structure in Germany, said Dresdner, which with $187 billion in assets is Germany's second-largest bank.
In the five states that made up East German, Dresdner has more than 750,000 customers and 4,700 employees. It plans to increase its 130 branches to 150 by yearend.
Separately, Berliner Bank said it has received permission to acquire Berliner Stadtbank, a key part of the former East German state banking system.