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Commerzbank: no merger negotiations with Dresdner Bank
Frankfurt (ots) - Talks to explore the scope for cooperation between Commerzbank and Dresdner Bank have been terminated. In view of the complexity of the topic, it seems impossible to produce a plan that reflects the interests of all parties.
Commerzbank's board of managing directors has resolved that the bank should continue to pursue its successful course of going it alone. Although the strategic objectives of the two banks are not far apart, a critical assessment of the pros and cons of a merger ultimately failed to yield a convincing perspective. Martin Kohlhaussen, Commerzbank AG's chairman, regretted that apparently the real value added of a merger cannot be achieved and thus the opportunity to consolidate the domestic banking industry cannot be realized. "In the interests of our customers, our shareholders and our staff, we shall now continue to pursue the decidedly positive course of recent years under our own steam and with our own resources. We will remain an efficient, innovative and customer-oriented bank", said Mr. Kohlhaussen.
The four pillars of Commerzbank's strategy remain unchanged: 1. Customers The bank seeks dynamic expansion in its activities involving retail and corporate customers, especially SMEs. The already implemented approach and a modern, lean branch organization represent a good basis for this. 2. Products The bank will further strengthen its position as an integrated, customer-oriented European investment bank. Here it is particularly important that many products developed in investment banking can be sold extremely well through the branch system - to retail and corporate customers alike.
3. Distribution Commerzbank will become Germany's leading internet bank and will systematically extend its electronic distribution channels while maintaining its branch network. Customer preference will determine which distribution channel is strengthened and which scaled back.
4. Technology Commerzbank intends to create a technology network in Germany and/or Europe, with the objective of producing at competitive cost over the long term.
Now that the talks have ended, the agreement to negotiate exclusively with one another ceases to be valid. Each bank is free to consider other strategic options. Commerzbank will primarily concentrate on strengthening its European links and will implement organizational measures which will enable it rapidly to achieve its ambitious goals.
ots Originaltext: Commerzbank AG
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