Word: hypovereinsbank
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Dates: during 2001-2001
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...deal involves a complicated four-way swap of shares. Munich Re, Allianz's cross-town insurance rival in the Bavarian capital, is swapping its 40% stake in Allianz's life insurance arm, Allianz Leben, for Allianz's 17% stake in HypoVereinsbank. Dresdner is also doing a share swap with Munich Re. In the process, the center of gravity of German finance moved a step toward Munich from its traditional base in Frankfurt. "By reducing cross-holdings, Allianz and Munich Re are laying the foundation for a crucial realignment within the German financial services sector," said Allianz chairman Henning Schulte-Noelle...
...there is little overlap, merging two big banks has the attraction of instant cost savings as the two close down duplicate branches. More importantly, with Allianz's linkup with Dresdner, the German financial scene seems more and more like a three-legged stool: Allianz and Dresdner, Munich Re and HypoVereinsbank, and Deutsche Bank. With traditional banking taking a backseat to the more profitable business of asset management, Commerzbank seems isolated and may now be amenable to a deal. One thing seems clear: the restructuring of Germany Inc. has only just begun...
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