Dresdner Bank reorganises itself for the long term

Dresdner Bank is to align its business model on a long-term level for profitability and growth, with the goal of achieving a twelve percent return after taxes by 2008.

One focus of the Bank’s profitability and growth programme is on further improving the leverage of the market potential in its corporate client and capital markets business. This will entail bundling the strengths of the Corporate Banking and Dresdner Kleinwort Wasserstein divisions within a single organisational unit. In its meeting today, the Supervisory Board named Stefan Jentzsch (44) as head of the new Corporate & Investment Banking division, appointing him at the same time to the Board of Managing Directors of Dresdner Bank.

A second focus in the programme “New Dresdner Plus” is Private Clients and Business Customers. Here the Bank will also be concentrating its strengths and bring its offerings closer to customers. Responsibilities for sales and production will be reorganised. The member of the Board of Managing Directors responsible for sales of our Personal Banking and Private & Business Banking offerings in Germany is Stephan-Andreas Kaulvers (49). The newly oriented German and international Wealth Management business as well as all management of products and target groups is led at board level by Andreas Georgi (48). Sales and production for Private Clients and Business Customers will in future be combined within the Private & Business Clients business.
These measures will be flanked by systematic modernisation of the Bank’s platforms and internal services. At the heart of the programme is the expansion of the Banking Services unit, which will bundle and optimise the efficiency of all industrialisable processes.

“On the basis of our programme for profitability and growth we lay the foundations for a long-dated prosperous and sound future,” said Chairman of the Board of Managing Directors Herbert Walter. In the past two years Dresdner Bank has successfully managed its turnaround and is well on the way to earning its cost of capital this year, he said. However, this is “only an intermediate goal”. Walter continued: “The new organisational structure gives us a powerful business model that will enable us to take the offensive in the coming years”. Additionally, this reorganisation has as its aim continuing to promote cooperation with Allianz according to its business model of an International Financial Services Provider and our ability to present a wholly unified presence in the market.

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