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Dresdner Bank

said Thursday that its chief executive, Bernhard Walter, was resigning following the

collapse of its planned merger with rival

Deutsche Bank

.

Referring to the merger, a bank spokesman said, "He thought that this would be the best solution for both banks.

"After what happened yesterday he decided he had to take responsibility and he resigned today," the spokesman said.

The resignation will become effective on May 1.

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On Wednesday, Dresdner Bank canceled its $29 billion merger with Deutsche Bank because of disagreements over how to integrate Dresdner's

Kleinwort Benson

investment banking and securities unit.

The move came almost a month after the two German financial giants

agreed to join up in a "merger of equals."

The Dresdner spokesman, who preferred not to be identified, said Bernd Fahrholz, a board member who heads the bank's global finance and corporate business division, would replace Walter.

The bank will hold a news conference on Friday at 10 a.m. Frankfurt time.

Dresdner shares closed down 1.3 euros, or 3%, at 47.90 euros on the Frankfurt stock exchange.