Commerzbank's disappointment at the Allianz-Dresdner deal was well publicised, but surely the alienated Commerz would not harbour a grudge? A securities research piece published last week by Commerzbank could be construed as such, judging by these choice quotes: 'On the issue of continued independence, Dresdner's poor track record at creating value for shareholders makes this an unattractive option,' says Commerzbank's Piers Brown.

Elsewhere: 'Bank insurer deals do little, if anything, to address the fundamental structural problems that are the root cause of low German banking profitability.'