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Article: This Month: News.(Dresdner Bank AG)(Northern Rock PLC)(HSBC Bank PLC)
- Article from:
- The Banker
- Article date:
- April 1, 2008
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Dresdner and Allianz split
Dresdner Bank, owned by German insurer Allianz, has announced that it will be split into separate businesses, increasing the prospects for the sale of the investment banking division, Dresdner Kleinwort. Allianz has come under repeated pressure to exit investment banking because of the earnings volatility that the business has caused since the group bought Dresdner in 2001.
Northern Rock, the UK bank worst hit by the credit crunch, has been forced to considerably reduce its mortgage book and workforce under a restructuring plan designed to ensure that it satisfies tough EU rules on state aid.
HSBC, Europe's largest ...