DrKW

AcronymDefinition
DrKWDresdner Kleinwort Wasserstein
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According to DrKW, Tideway is to act as a business enabler allowing the bank to take its international IT operations forward.
The software provided by Tideway is to be initially used to improve both DrKW's IT inventory and change processes in multiple locations including London, Frankfurt, Tokyo and New York.
But many traders have viewed instant messaging(IM) as a natural extension of that communications armoury and DrKW has been well aware that publicly available IM products (MSN, Yahoo Messenger and the like) have lacked the necessary security and the message tracking facilities that many money markets prescribe.
Part of the initial challenge was to get some traders to adopt the new technology, says Stuart Berwick, DrKW's head of e-sales.
Using the Parlano software, data is fed into existing message storage systems, rather than creating a separate entity, allowing DrKW to keep a tight reign on the uses of the messaging system.
'We look forward to working with the teams at DrKW and Investec in taking the group to the next stage of its development,' he said.
DrKW has made a profit in the last three quarters and Dresdner said it was confident that it would 'continue to make progress'.
The Allianz statement that it was seeking 'an integrated financial services group' was thought by some to imply that DrKW formed part of its plans.
There had been widespread fears of job losses at DrKW last year when Dresdner was talking to Deutsche and Commerzbank because both meant overlap in investment banking.
'It's not that unusual to have an insurance company which owns an investment bank,' a DrKW insider said.
If DrKW were to be spun off as a separate entity and eventually floated, that would satisfy a long standing desire among senior DrKW bankers to assert greater automomy over their business.
DrKW is used to uncertainty, but unlike last year's failed merger talks when many jobs were on the line as a result of duplication, staff there see the proposed takeover by Allianz as a positive development.