'It's Important For Allianz To Get Rid Of Dresdner Kleinwort'
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Allianz's net income dropped to $2.3bn in the period. Bloomberg quotes Lutz Roehmeyer, a fund manager at Landesbank Berlin Investment, who said: 'It's important for Allianz to get rid of (investment banking arm) Dresdner Kleinwort as fast as possible, as that's where all the bank writedowns originate. Allianz's management can be blamed for waiting too long to draw a final line under the issue'.
Dresdner Bank has been on the block for a few weeks now, and the most likely deal appears to be a merger with Commerzbank. It remains unclear whether Dresdner Kleinwort will be part of the deal, however, and there has been speculation that the investment bank could be sold separately to China Development Bank. The early interest shown by Lloyds TSB appears to have waned.
Reuters reports that Barclays has reported a 33% fall in its first-half profits. Pretax profit to 30th June came in at $5.3bn, after $3.9bn of credit market-related asset writedowns. Half-year profits over at investment banking arm Barclays Capital fell 68% to $1bn.
The Financial Times reports that UK stockbroker Collins Stewart has confirmed that it has received a preliminary bid approach, but would not identify who the suitor was. There's speculation that Macquarie, Nomura and Indian brokerage Religare might be in the frame.
Finally, Bloomberg reports that AIG has posted a $5.36bn loss in the second-quarter (after losing $7.81bn in the first). The insurer took a $11.6bn hit on CDO writedowns and impairment charges related to the value of securities backed by home loans. CEO Robert Willumstad said in a statement: 'We have a lot of work to do to restore AIG's profitability. Results were adversely affected by severe conditions in the housing and credit markets and a very difficult investment environment'.
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