Dresdner Bank launches initiative for private loans. New strategic partnership with Cetelem in Germany

Dresdner Bank and French bank Cetelem, a subsidiary of BNP Paribas, intend to cooperate even more closely in future. Dresdner Bank aims to use their extended cooperation in the instalment loans business to expand its private customer business. This is another systematic step forward in its market and sales offensive that aims to enable Dresdner Bank to develop new customer and market segments. The joint venture which has now been agreed will allow Dresdner Bank in future to offer customers attractive new instalment loan products via its branches and via Allianz's banking business.

Dresdner Bank and Cetelem have now signed a declaration of intent to expand their existing cooperation. To underpin the joint venture, Dresdner Bank will provide Cetelem Bank GmbH with additional capital, thus increasing its interest to 49.9%. The two companies will seal the corresponding agreements at the beginning of 2005, subject to approval by the European Commission.
Cetelem is one of the world's leading specialists for consumer loans. The bank has over 50 years' experience in this business and offers card and loan products internationally in 20 countries. The volume of loans managed by Cetelem worldwide is currently around EUR 32 billion, and it is number 1 in this area in continental Europe.