Brussels, 19/07/2001 (Agence Europe) - The European Commission announced that it would be authorising the merger between the German bank Allianz and the third largest German private bank Dresdner Bank on express condition that the two groups reduce ties that have with the insurance-bank Munchener Ruck. Together, Allianz and Dresdner Bank hold 31.3% of this grouping (a little more than 24% for Allianz and around 7% for Dresdner Bank). They have undertaken to reduce this stake to 20.5% by the end of 2003 at the latest in order to end concerns from the Commission, which feels that these ties could endanger competition in the market of insurance-banking. Strong with a market capitalisation of EUR 104 billion, the new group will rise among the five world leaders is asset management with 20 million customers.