German Bank To Review Failed Merger
FRANKFURT, Germany (AP) _ Deutsche Bank has scheduled a special supervisory board meeting next week to discuss the consequences of its failed merger with Dresdner Bank, a company spokesman said Friday.
Deutsche spokesman Walter Schumacher confirmed a report by the Die Welt newspaper that supervisory board chairman Hilmar Kopper called the meeting at the request of board member Margret Moenig-Raane, the head of HBV administrative workers union. The meeting is set for Thursday.
The newspaper also reported that another board member, Gerhard Renner of the DAG office employees union, has criticized how Deutsche Bank head Rolf Breuer handled the planned merger.
``His conduct in the past weeks does not indicate leadership qualities,″ the report quoted Renner as saying, although he stopped short of demanding that Breuer step down.
Despite criticism from many, Breuer has said he is sticking to his job of making Deutsche Bank a successful international enterprise.
Dresdner Bank pulled out of the planned merger April 5, accusing Deutsche Bank of violating the terms of their month-old agreement by trying to sell Dresdner’s money-making investment banking arm, Dresdner Kleinwort Benson.
Dresdner’s Chairman Bernhard Walter had announced the next day he would step down to take responsibility for the failed merger.