Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Dresdner Bank, posted pre-tax income of €201m ($227m) in the first half and was given a two-year cushion of support by its parent Allianz, the German insurer.

There has been widespread speculation in recent months about the future of DrKW. Michael Diekmann, chief executive of Allianz, said that the investment bank, which has been profitable for the last three quarters, has sufficient capital for the next two years and will receive the full support of Allianz during that time.