Morning:
8°c
Dresdner mulls London spin-off
Allan Hall, in Berlin18 Jul 2008
Beleaguered German bank Dresdner was tonight poised to split off its London investment banking arm Dresdner Kleinwort as the bank's supervisory board held a day-long meeting to decided its future.
Insiders said an announcement to separate its investment and High Street banking activities is "imminent".
Owner Allianz wants the bank, which has been weak for many years, to be broken into two by 31 August.
Retail and business customer operations will reportedly be known as Dresdner Bank - Advisor Bank AG. The capital markets operation, incorporating London-based Dresdner Kleinwort, will be known as Dresdner Bank AG.
Spokesmen for Dresdner and Allianz, its owner, refused to comment.
But as the Evening Standard went to press tonight, the board was still considering a plan B, to sell the whole business.
Commerzbank is touted as the most likely buyer.
