Dresdner Bank Workers Favor Merger With Chinese Bank Over Commerzbank

Berlin, Germany (AHN) - Employees of Desdner Bank in Germany favor a deal with the China Development Bank, after an offer from Commerzbank fails to come with extensive job security guarantees.

Dresdner's parent company, Allianz, and Commerzbank will have an extraordinary supervisory board meeting on Aug. 31 to tackle a proposed merger, which could result to the sale of the financially-ailing Dresdner to Commerzbank for $13.3 billion (9 billion euro).

However, Allianz was said to have received a larger offer from the China Development Bank.

Staff of the two banks fear that the corporate wedding of Commerzbank and Dresdner, if it will push through, would cause 10,000 to 20,000 of their employees to become jobless.

Allianz purchased Dresdner in 2001 for $34.6 billion (23.5 billion euro).