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Dresdner Bank sold to LGT

GERMANY'S Commerzbank has sold its Swiss Dresdner Bank unit to the LGT Group of Liechtenstein, it said yesterday.

Commerzbank said the transaction was subject to regulatory approval and both sides agreed not to disclose the price or further details.

At the end of 2008, the Zurich-based Dresdner unit had 9.4 billion Swiss francs (US$8.8 billion) under management and 311 employees at locations in Zurich, Geneva and Lugano.

"With this acquisition, we will double our asset base in Switzerland and strengthen our foothold in this important financial center considerably," said LGT CEO Prince Max von und zu Liechtenstein.

"We will not only reinforce and expand our local Swiss onshore business, but also increase our market share in target growth markets such as the Middle East, Central and Eastern Europe as well as Latin America," he said.


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