Dresdner hit by credit crisis; BNP in the clear

Dresdner Bank, the banking arm of the German insurance group Allianz, has seen a sharp drop in income in the wake of the summer's upheavals, but BNP Paribas has been able to avoid the worst of the damage.

Dresdner reported a total of €575 million in losses in the quarter to September 30. €350 million relates to its €7.9 billion exposure to asset-backed securities, with the rest stemming from the effects of the crisis on its €5 billion leveraged loan commitments and other credit products.

The bank

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