Deutsche Bank will not sell Dresdner Kleinwort Benson, the investment banking arm of Dresdner Bank, when the two officially merge on July 1 of this year.

Bernhard Walter, chief executive of Dresdner Bank, who will co-head the combined firm with Deutsche's Rolf Breuer, said reports of DrKB being sold were 'pure and utter nonsense'. He added: 'Dresdner will not close its investment banking unit.'