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recently signed rescission agreement, both partners concluded that the objectives of the cooperation agreement were now no longer valid in view of subsequent changes in market conditions and in view of the divergences in strategic development of the two institutions.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.