The Special Fund Financial Market Stabilization (SoFFin), Allianz and Commerzbank agreed to strengthen the new Commerzbank’s core capital ratio with the following two measures:
Allianz strengthens the capital of Dresdner Bank
1. Allianz provides a silent participation of EUR 750 million in Dresdner Bank. The terms are identical to SoFFin’s silent participations in Commerzbank.
2. Allianz acquires Collateralized Debt Obligations (CDOs) with a face value of EUR 2 billion for a consideration of approx. EUR 1.1 billion. Dresdner Bank will therefore benefit from a capital relief of EUR 700 million.
The closing of the sale of Dresdner Bank is expected within the next few days.
Commerzbank has stated today that SoFFin will receive a 25% plus one share participation in its shareholders’ equity.
Download
As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer.