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Cooperation agreement between BNP Paribas and Dresdner Bank terminated

BNP Paribas and Dresdner Bank have reached an amicable understanding to terminate the cooperation agreement between the two institutions in the fields of banking and bank-related business, which has been in place since 1996.

In a recently signed rescission agreement, both partners concluded that the objectives of the cooperation agreement were now no longer valid in view of subsequent changes in market conditions and in view of the divergences in strategic development of the two institutions. It was therefore agreed that the accord should be formally terminated.

The possibilities of future cooperation in specific business areas, based on the special relationship of trust built up over the past years, will be explored. One example of this is the joint venture Cetelem Bank GmbH.

Mr. Michel Pébereau will step down from the Dresdner Bank Supervisory Board at the elections scheduled for the coming year. At the same time, Dr. Bernd Farholz will resign his position as a member of the Board of Directors of BNP Paribas.