Allianz halts plan to split Dresdner in two: sources
Chairman of Europe's biggest insurer Allianz SE Michael Diekmann, attends the company's annual news conference in Munich February 21, 2008.
Credit: Reuters/Michaela Rehle
FRANKFURT |
FRANKFURT (Reuters) - German insurer Allianz (ALVG.DE) has halted a planned separation of Dresdner Bank into retail banking and investment banking units, sources familiar with the situation told Reuters on Thursday.
"This makes clear that the bank is definitely going to be sold," said one of the sources.
Dresdner Bank was not immediately available for comment.
Allianz had announced the split-up of Dresdner earlier this year to ease consolidation in the banking sector and had said it expected to complete the move by the end of August.
The supervisory boards of Allianz and Commerzbank (CBKG.DE), which is in the running to buy Dresdner, are due to meet separately on Sunday, the companies said earlier on Friday.
(Reporting by Patricia Uhlig)
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