Commonwealth Bank Seals Strategic Relationship with Dresdner Kleinwort
22 October 2007
The Commonwealth Bank and Germany’s Dresdner Kleinwort, the investment banking division of Dresdner Bank AG, have agreed to a strategic arrangement which will provide Dresdner Kleinwort’s corporate clients with access to a range of products and cash management services through the Commonwealth Bank.
"While this is not an exclusive arrangement it complements Commonwealth Bank’s corporate referral arrangements in a number of important markets spanning the globe," said Stephen Holden, General Manager Working Capital & International Finance at the Commonwealth Bank.
The reciprocal deal will see both banks act as a ‘recommended supplier’ for respective customers looking to bank in either Australia or Germany.
"By virtue of this agreement we can now offer our clients the services of Dresdner Kleinwort, in addition to other respected names, and see this as a great opportunity for them to obtain improved market access, in particular to European markets," said Mr Holden.
Manfred Fleckenstein, Head of Global Cash Management at Dresdner Kleinwort said, "This new cooperative agreement strengthens Dresdner Kleinwort’s position as a provider of tailored global cash management solutions. We are very pleased to be able to offer our customers access to the Australian market in the future".
Dresdner Kleinwort is a member of the Allianz Group, one of the leading global services providers in insurance, banking and asset management.
With a market capitalisation in excess of $AUD 70 billion, the Commonwealth Bank (Group) is Australia largest financial institution, providing the most convenient and accessible banking and financial services for all Australians.
For more information contact:
The Commonwealth Bank
Ph: (02) 9378 2504
Mob: 0411 080 268