The FINANCIAL — According to Dow Jones, there was no political pressure exercised on the sale of Germany's insurer Allianz SE's (AZ) Dresdner Bank AG unit to Commerzbank AG (CBK.XE), German Deputy Finance Minister Joerg Asmussen said on August 1.
"There has been no political influence at all in this solution," Asmussen said during his visit with Finance Minister Peer Steinbrueck and a German delegation in China.
"The decision has been solely made by shareholders of Commerzbank and Allianz."
Allianz, Europe's largest insurer by market capitalization, said Sunday it will sell its Dresdner unit to Commerzbank in a EUR9.8 billion transaction that marks one of the biggest moves yet in German banking consolidation.
According to press reports from last week, Chinese state-owned China Development Bank was also bidding for Dresdner Bank and made a higher bid for Dresdner in cash.
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