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January 18, 2010

Commerzbank to sell Dresdner Bank Monaco S.A.M. to Bank Audi sal - Audi Saradar Group

January 18, 2010 - Commerzbank and Bank Audi sal - Audi Saradar Group announced that they have entered into an agreement for the sale of Dresdner Bank Monaco S.A.M. The parties have agreed to maintain confidentiality about the details of the transaction, the closing of which is subject to receipt of necessary regulatory approvals.


Dresdner Bank Monaco S.A.M., a subsidiary of Dresdner Bank Luxembourg S.A., was founded in 2006 and focuses on private wealth management in Monaco, the South of France and Northern Italy. At end-2008, its assets under control reached EUR 233 million and its staff included 18 employees.


Bank Audi sal, the largest bank in Lebanon in terms of assets and shareholders’ equity, is present in Switzerland and France, as well as in Jordan, Syria, Egypt, Sudan, Saudi Arabia, Qatar and Abu Dhabi. The Group offers a full range of universal banking services. At end-September 2009, its consolidated assets were USD 24.7 billion and its shareholders’ equity USD 2.1 billion. The Group ranks among the twenty largest Arab banking groups in the Middle East and North Africa. The acquisition of Dresdner Bank Monaco S.A.M. is in line with Bank Audi’s strategy to develop its Private Banking activities in Europe as it is the second private Arab bank in Switzerland in terms of assets under management.



Press contacts:

Simone Fuchs +49 69 136 44910 - Commerzbank

Carole Aoun +9611 977358 - Bank Audi sal - Audi Saradar Group

Silvia Thiel +352 4760 8301 - Dresdner Bank Luxembourg S.A.

Contact

kontakt

pressestelle@ commerzbank.com

Phone:
+49(0)69-136-22830

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