Dresdner Bank, the third-biggest bank in Germany, said on Thursday, November 16, that it was in the process of finalizing an agreement to buy at least 80 percent of the Frankfurt-based securities settlement house, Lombardkasse.
Financial details were not disclosed.
Set up in 1923, Lombardkasse specializes in the financing and settlement of domestic and international securities transactions for more than 200 brokers and financial intermediaries on the German stock exchange.
It does not conduct securities transactions on its own account.
The firm's share capital is currently held by some 38 banks, including the major banks, foreign banks, cooperative, public, private and regional banks.
It employs about 77 people and last year handled securities transactions with a trade volume of about 172 billion euros ($148 billion).
Dresdner Bank said that the deal "represents the logical continuation of our strategy of improving our range of insourcing services in transaction banking."— (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)