China Development Bank has reportedly conducted due diligence on Dresdner Bank, and is interested in buying the German bank, Chinese media reports.
Allianz Insurance, which bought Dresdner Bank in 2001 for EUR23.3 bn,
has been trying to find a buyer for the bank for some time.
German-based Commerzbank seemed interested in a takeover, but now has
to compete with China Development Bank, which has conducted due dilligence and is preparing an official statement.
Dresdner Bank has EUR500 bn in assets, 1,000 branches and 6.3 million retail clients, Bloomberg reports.
China Development Bank paid USD3.04 bn for a three per cent stake in
UK's Barclays in 2007, but has since had to cope with a paper loss of USD1.7 bn.
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