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Company News

Dresdner Kleinwort cancels Russia oil research

LONDON, Sept 25 (Reuters) - 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 ALVG.DE agreed to sell to Commerzbank CBKG.DE earlier this month.

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. (Reporting by Tom Bergin; Editing by David Holmes)

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