Dresdner Bank sells €1.1 billion private equity portfolio

Dresdner Bank has today sold a private equity portfolio with an original commitment value of approximately €1.1 billion to AIG Global Investment Group (AIGGIG), whose member companies are subsidiaries of American International Group, Inc. (AIG).

The portfolio consists of some 150 holdings in various North American and European investment funds. Final closing of the transaction is expected to take place later this year. The parties have agreed not to disclose the sales price of the portfolio. The transaction will have no major impact on the Bank's result.

"Through this transaction, we will exit nearly all of Dresdner Bank's remaining private equity investments" says Jan E. Kvarnström, CEO of the Institutional Restructuring Unit (IRU) and member of the Board of Managing Directors of Dresdner Bank. "The sales process has been handled through a competitive bidding process, which has allowed us to achieve a full and fair price, well in line with our targets."

The ongoing private equity investment activities of Allianz Private Equity Partners and Allianz Capital Partners are not related to the IRU transaction announced today.

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