Dresdner chairman Bernhard Walter resigned Thursday, in part over the failed attempt to merge Dresdner Bank with Deutsche Bank. Meanwhile, Deutsche Bank’s chairman held fast to his post amid criticism over the collapse of the banks’ month-old agreement that would have created one of the world’s largest banks.
Walter’s resignation is to become effective at the end of April, and Bernd Fahrholz, Dresdner’s management board member overseeing corporate customers and investment banking, will replace him.
In a prepared statement, Walter criticized the merger failure as a “historic chance” being wasted. He blamed Deutsche Bank for making a “balanced integration” impossible.
Meanwhile, Deutsche Bank chairman, Rolf-Ernst Breuer, is facing criticism that he is responsible for the merger failure, mishandling the deal because of his rush to expand. He has emphatically stated he has no intentions of resigning his post.
Topics Mergers & Acquisitions
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