Germany's Supervisory Boards Agree To Commerzbank Purchase Of Dresdner For $14.35 Billion

Berlin, Germany (AHN) - Allianz agreed to sell ailing Dresdner Bank to Commerzbank for $14.35 billion, in the processing creating Germany's second largest bank next to Deutsche Bank.

Allianz and Commerzbank announced Monday the sale after getting the nod of the supervisory boards. The total assets of the two banks would reach $1.59 trillion with a customer base of 12.3 million.

Nevertheless, Deutsche Bank remains the country's largest with assets totaling $2.92 trillion.

Aside from Commerzbank, Allianz also considered the offer of state-owned China Development Bank which reportedly made a larger offer and assured Dresdner workers of lesser job cuts. Commerzbank had previously announced it would reduce the total workforce of the two financial institutions by 9,000 full-time jobs.