Goldman Sachs 2001 Annual Report Download - page 23

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We regularly receive CONFIDENTIAL information as part of our normal client
relationships. To breach a confidence or to use confidential information improperly
or carelessly would be unthinkable.
ALLIANZ COMBINES WITH DRESDNER BANK
Allianz’s combination with Dresdner
reshaped the financial industry in Germany
by simplifying decades-old cross-holdings
among four blue-chip groups: Allianz,
Dresdner, Bayerische Hypo & Vereinsbank
(Hypo Vereinsbank) and Muenchener
Rueckversicherungs-Gesellschaft (Munich
Re). By combining with Dresdner, Allianz
reduced its interest in Munich Re and elim-
inated its stake in Hypo Vereinsbank, while
at the same time acquiring 96.4% owner-
ship of Dresdner Bank, in which it already
had a 21% interest. The merger between
two of Germany’s financial leaders is an
early example of the wave of consolidation
that may occur over the next few years.
“Goldman Sachs drew resources from its
research, capital markets, investment banking
and financial industry groups. The sensitivity
of the transactions required a great deal of
trust that could be generated only from long-
standing relationships and a very strong
knowledge of the German market—qualities
that the Goldman Sachs team demonstrated
consistently throughout the process.”
Prof. Dr. Bernd Fahrholz
Chief Executive Officer
Dresdner Bank
page 21
12
PRINCIPLE NO.
For additional client profiles, please see www.gs.com