Spain's Santander eyes Dresdner Bank: sources

With Chairman Emilio Botin saying he is open to "bargains", many analysts expect it is only a matter of time before the bank starts buying again, having come through the credit crisis largely unscathed.

Speaking to journalists in the bank's home town of Santander on Thursday, Botin said he would only talk about deals "when they're done".

Allianz and Deutsche Bank declined to comment.

(Reporting by Philipp Halstrick and Patricia Nann in Frankfurt; Additional reporting by Jane Barrett in Madrid; writing by John O'Donnell and Jonathan Gould; editing by Tony Austin)