Expect to see this continue as the credit crises continues to batter the financial industry. The actions of the Fed and Treasury have slowed the process a bit in the US by providing individual bailout services especially for the investment banks.
The 'wild card' will be the regional banks, and the potential loss of diversity and competition in the financial services sector.
Fewer corporations are holding more of the power in the media, communications and finance. We are probably nearing the end of this long term move of centralization.
Commerzbank set to buy Allianz's Dresdner
29 Aug, 2008, 1431 hrs IST
The Economic Times
FRANKFURT (Reuters) Allianz has agreed in principle to sell its Dresdner Bank unit to Commerzbank, a source familiar with the situation said on Friday, a deal that will fuse Germany's second- and third-biggest banks.
Commerzbank plans to take an initial 51 percent stake in Dresdner, then buy the remaining 49 per cent at a later stage, the source said.
Commerzbank had no comment. Allianz was not immediately available.
"Go now, write it on a tablet for them,
inscribe it on a scroll,
so that in the days to come
it may be a witness to them, for ever and ever.
For these are a rebellious people, deceitful children,
unwilling to listen to the instructions of the Lord.
They say to their seers,
‘Do not see!’
and to the prophets,
‘Say nothing of what is right!
Tell us only things that please us,
prophesy illusions."
Isaiah 30:8-10