German insurance giant Allianz has confirmed reports that it is selling its Dresdner Bank division to its rival Commerzbank for 9.8 billion euros.
The fusion will bolster Commerzbank's position as number two in the German market behind Deutsche Bank. Allianz will be the major stakeholder in the tie-up, holding 30 percent of the new company. When the deal is completed, up to 9,000 jobs of a total 67,000 are expected to be slashed.
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