Joint German Bank Planned: West Germany’s biggest...
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Joint German Bank Planned: West Germany’s biggest bank, Deutsche Bank AG, took a decisive step into East German banking, announcing plans to set up a joint bank with East Germany’s Deutsche Kreditbank AG. Deutsche’s goal is to control more than one-third of existing bank branch offices in East Germany. East Germany’s Deutsche Kreditbank was created earlier this month when the East German State Bank split off its commercial activities, and it is still managed by the State Bank. Deutsche said it would hold 49% of the new joint bank, which will be based in East Berlin.
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