When Allianz announced its first-half results in August, it fuelled both sides of the argument about Dresdner Kleinwort Wasserstein’s future.
“Allianz committed to DrKW…” said the headline “…for the next two years”. It sounded less like a declaration of undying love to a beautiful partner than a promise to stay faithful only until the other half got fat and ugly.
Allianz seemed to be damning its investment banking arm with faint praise.
But for DrKW this was the first public declaration for years that Allianz was not planning to sell.
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