Magazine article American Banker

Dresdner Bank Reorganizes U.S. Unit, Buys Full Control of Its Trader, ABD Securities

Magazine article American Banker

Dresdner Bank Reorganizes U.S. Unit, Buys Full Control of Its Trader, ABD Securities

Article excerpt

Dresdner Bank, Germany's second-biggest bank, has acquired full control of its U.S. securities unit and consolidated management of its U.S. commercial and investment banking operations under a single head.

As part of the reorganization, Dresdner has acquired Bayerische Hypotheken und Wechsel Bank's 25% stake in ABD Securities Inc., the two banks' jointly owned investment banking unit.

ABD has been renamed Dresdner Securities USA, while a separate unit of ABD, ABD N.Y., will continues operating under the same name as a floor trader on U.S. exchanges.

$1.5 Billion Here

Frankfurt-based Dresdner has around $200 billion in assets, including some $1.5 billion in the United States.

The commercial bank operates through branches in New York and Chicago, and has an agency in Los Angeles, while Dresdner Securities has five seats on the New York Stock Exchange and seats on regional stock exchanges in Boston and Chicago.

Both the investment banking unit and Dresdner's commercial banking operations in the United States will be headed by George N. Fugelsang, a former managing director of Morgan Stanley in London, who took over at the beginning of February.

Mr. Fugelsang, an American who started his career with Citi-corp, will assume responsibilities currently held by Winfried H. Spaeh, senior general manager of Dresdner bank in the United States since 1982.

Mr. Spaeh is due to retire later this year.

Theodor Schmidt-Scheuber, head of ABD Securities since it was established in 1968, will become chief executive of ABD N. …

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