As of May 2004, Postbank is set to settle payment transactions for Dresdner Bank. A corresponding contract was signed today. The partners view the long-term cooperation that has now been agreed as an important step towards implementing their strategic focus on their respective core business and exploiting synergies in the German payment transaction market. Nothing will change as far as customers at the two banks are concerned. They will continue to hold their accounts at their respective bank.

For Postbank, the conclusion of the contract is a further step towards expanding its new transaction banking business segment. The bank is already one of the market leaders in payment transactions. It plans to utilize its efficiency in the back office area to gradually take over payment transactions for other clients. "We intend to further expand our role in transaction banking. By making our services available to other banks, we are making better use of our systems, are utilizing economies of scale and are able to generate additional income", emphasized Prof. Dr. Wulf von Schimmelmann, the Chairman of the Management Board at Deutsche Postbank AG.

For Dresdner Bank, the partnership in payment transactions with Postbank represents an important milestone in the rigorous implementation of the program for the future entitled "New Dresdner". "We are further optimizing our business model, which in turn allows us to concentrate more on our customers. We are delighted that, together with Postbank, we are creating a promising solution for the payment transaction market and thereby making a valuable contribution to the consolidation of the German banking market", said Dr. Herbert Walter, Chairman of the Board of Managing Directors at Dresdner Bank.

In order to implement the contract, the "Betriebscenter für Banken Deutschland GmbH & Co. KG" (BCB) was founded as a 100% subsidiary of Postbank with its registered office in Frankfurt/Main. It is set to take over Dresdner Zahlungsverkehrsservice GmbH (ZVS) as of May 1, 2004. A transfer concept coordinated between the social partners is in place for the adjustment measures scheduled in connection with this move.

BCB will continue to manage all payment transactions at Dresdner Bank with its usual high standard of quality. The objective is a uniform payment transaction platform into which other clients can be integrated.