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. Last Updated: 07/27/2016

Gazprombank Plans British Unit

The banking arm of natural gas export monopoly Gazprom hired a team of managers from Dresdner Kleinwort to open a new financial unit in London, Gazprom's financial unit said in a statement Thursday.

Ulrich Gerza, formerly a Dresdner Kleinwort managing director for structured products in London, and four of his colleagues, will open the new unit to offer Gazprombank's clients wider access to international securities, Gazprom's financial unit said.

Gazprombank plans to gain all permits to open its London unit from the Central Bank and the British banking authorities within a year, the bank said.

"We highly value our cooperation with Dresdner Bank as a whole and Dresdner Kleinwort in particular," said Gazprombank deputy CEO Alexei Obozintsev.

"Ulrich and his colleagues' arrival at Gazprombank will help strengthen and expand the mutually beneficial contact between the two financial institutions."