Poland's BPG is latest acquisition in Dresdner Bank's eastward expansion

Dresdner Bank said yesterday it had received approval from the National Bank of Poland (NBP) for a full takeover of Warsaw-based commercial bank Bank Powierniczo-Gwarancyjny S.A. (BPG). Dresdner, the banking arm of insurance giant Allianz AG, said it would rename its purchase Dresdner Bank Polska S.A. The bank will focus on German and Polish clients, offering corporate financial products including investment banking services, Dresdner said in a statement. The takeover of BPG is the latest move by Dresdner Bank to expand its presence in Eastern Europe, prompted by the decision last year to end its joint ventures with France's BNP Paribas in the region. In October, Dresdner set up a wholly-owned subsidiary in Hungary. (Reuters)