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Dresdner unit offer offJuly 25, 2001 Posted: 2247 GMT NEW YORK (CNNfn) -- German insurer Allianz has chosen not to spin-off Dresdner Kleinwort Wasserstein which will now be folded into a new division, press reports said Wednesday. Allianz will create a group that will combine its corporate banking business with investment banking in a structure compatible with Dresdner Bank, the interactive version of the Financial Times said. Leonhard Fischer, head of Dresdner's investment banking operation, will lead the new division. DKW will allow the investment bank to access Allianz's financial firepower and better credit rating, the FT.com said. Both Allianz (AZ: down $0.38 to $27.22, Research, Estimates) and Dresdner could not be reached for comment. Allianz acquired Dresdner, Germany's No. 3 bank in a $21 billion transaction last April, creating one of the world's leading financial conglomerates. Allianz had planned to split DKW, its investment banking arm, into a separate company and float an initial public offering of the unit in Europe within three years. Note: Search results will open in a new browser window
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