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Western EuropeOctober 5 2003

Expansionist moves in the real estate market

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Jan Wagner talks to Karsten von Köller, CEO of German real estate bank Eurohypo, about the prospects for the fledgling bank and breaking out of the German market.Even after the disastrous year that was 2002, it would be misleading to think that Germany’s big commercial banks have lost their ability to compete internationally. It is true that Hypovereinsbank (HVB), Dresdner and Commerzbank plunged into crisis amid huge losses last year. But they have since returned to profitability and, hence, remain a force to be reckoned with on the international scene.

HVB is still the leading foreign bank in central and eastern Europe via its ownership of Bank Austria-Creditanstalt. Dresdner, having been acquired by German insurance giant Allianz, is a large European bancassurance venture and retains an international investment bank. Commerzbank may be the most German-centric of all, but it is active in Europe and may at some point merge with HVB to create a European giant.

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