Commerzbank sold Dresdner Bank Switzerland to LGT

On 24 July 2009, Commerzbank AG has sold Dresdner Bank (Schweiz) AG to the Liechtenstein based LGT (Schweiz) AG for an undisclosed purchase price. On completion of the transaction, Dresdner Bank (Switzerland) AG will be fully integrated into LGT Bank (Switzerland) AG. As of 31 December 2008 Dresdner Bank (Switzerland) AG had 311 employees and the assets under management totalled roughly CHF 9.4 bn. The transaction is subject to the approval of the relevant authorities.

Lenz & Staehelin advised Commerzbank as Swiss counsel in this transaction. The team was led by Beat Kühni (overall) and Pascal Hinny (taxes) and included Benjamin Fehr, Liv Droz, Daniel Hufschmid, Daniela Wieser, Raphael Butz and Fabiano Menghini.