Germany’s Commerzbank settles 9.8bn euros ($14.4bn; £8bn) worth deal with insurer Allianz to buy Dresdner Bank.
In UK, Dresdner has considerable operations and this move will cause 9,000 job losses in which around 1000 positions to be cut in the UK.
Recently, Dresdner had suffered a lot of loses because of the sub-prime crisis and to cover further loses Commerzbank and Allianz are contributing 1.25bn euros.
The deal seems to create a real rival for Germany’s Deutsche Bank, which is country’s largest bank.
