Dresdner Bank AG, Germany's third-biggest bank, said Monday that it has dropped plans to buy Ernst & Young's Jersey-based trust company because the business would not fit with its operations as well as initially assumed.

The deal, worth more than $81 million, would have created one of the biggest trust companies in the Channel Islands, employing 360 and handling more than 5,000 clients, the Financial Times reported. -- Bloomberg News

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