Thursday, September 25, 2008
Dresdner drops Russia coverage
25 September, 2008 - Upstream OnLine - Investment bank Dresdner Kleinwort is cutting its coverage of the Russian oil and gas sector to reprioritise on other areas. The bank declined to comment on reasons for the move, which follows a collapse of Russian equity markets since the invasion of Georgia in August. Dresdner Kleinwort is the investment banking arm of Dresdner Bank, which German insurer Allianz agreed to sell to Commerzbank earlier this month, a Reuters report said. As part of the deal Dresdner Kleinwort is to face big job cuts. The bank declined to say whether other areas within its research department were being cut back.