Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Dresdner to Revamp




FRANKFURT, Germany -- Dresdner Bank AG hopes to double its market value of 28 billion euros ($28.88 billion) by 2003 via a restructuring program announced last week that includes spinning off its investment-banking unit, a newspaper reported Monday.


In an interview with the newspaper Handelsblatt, Joachim von Harbou, a member of Dresdner's management board, said the restructuring would strengthen the bank, whether it takes part in an expected wave of banking-sector consolidation or not.


On Friday, the bank said it would spin off its investment banking unit, Dresdner Kleinwort Benson, into a separate entity, but maintain complete ownership of the unit.


Dresdner, Germany's third largest bank, said it would "invest massively" in the unit's Global Equities and Global Markets divisions over the next two years.