DKW to shut down in Asia

Dresdner Kleinwort Wasserstein (DKW), the investment banking business of Dresdner Bank, is reported to be closing its Asian operations.

When you go onto Dresdner Bank's website you are greeted with the question, 'What can Dresdner Bank do for you' From tomorrow, in Asia, the answer to that question could be 'Not very much.'

People very close to the situation have told FinanceAsia that the bank has decided to almost completely close the Asian operations of its securities and investment banking business, Dresdner Kleinwort Wasserstein DKW. This means that the bank will be shutting down its Asian equity research, sales and trading divisions, as well as scrapping its ECM team.

All that is likely to be left is a single proprietary desk trading Dresdner Bank's own assets in the...

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