| BUSINESSWEEK ONLINE : APRIL 12, 1999 ISSUE | ||||||||
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| INTERNATIONAL BUSINESS
Getting off to a Rocky Start JULY 10, 1996 Deutsche Bank buys 5.5% of Vereinsbank. Insurer Allianz, a major shareholder in Vereins and an archrival of Deutsche, fears a takeover is imminent. FALL 1996, SPRING 1997 Vereins CEO Albrecht Schmidt secretly agrees with the chief of HypoBank, another Bavarian bank, to merge. Allianz and the Bavarian government support them. JULY 21, 1997 Schmidt and Hypo CEO Martini announce merger plan. SEPT. 1, 1998 HypoVereinsbank officially begins doing business. OCT. 28, 1998 Schmidt, now CEO of HypoVereinsbank, reveals that $1.94 billion is needed to cover shaky real estate projects from former HypoBank. MAR. 10, 1999 Munich prosecutors raid bank offices and homes of former HypoBank executives in criminal investigation. Martini is among targets. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ |
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