The German stock market's confidence that Allianz, the German bancassurance group, would emerge the real winner from the Deutsche-Dresdner mega merger was confirmed today.

Allianz will eventually own 32% or more in Deutsche Bank 24, the combined Deutsche Bank 24 and Dresdner's retail operation, which will be floated within three years. The new retail bank, to be renamed Bank 24, will have 2,500 branches.