views

Dresdner acquisition was right choice, says Commerzbank boss

COMMERZBANK chief executive Martin Blessing has defended his firm&rsquo;s decision to acquire Dresdner Bank for &euro;5bn (&pound;4.4bn) at the height of the financial crisis last year.<br /><br />The bank has faced criticism from some shareholders for pushing through the transaction amid such volatile conditions.<br /><br />But Blessing said: &ldquo;We have taken the right decision and I am pleased that we are implementing it despite the difficult environment.&rdquo;<br /><br />The bank, which has made about 1,800 of a planned 9,000 job cuts, is predicted to return to profit as early as next year.<br /><br />Commerzbank took &euro;18.2bn in state bailout money following the transaction, handing over a 25 per cent stake to the government and disposing of assets in return.