2006 gross profit at Dresdner Bank (Switzerland) was 4 per cent higher in 2006 than in 2005, rising to a total of SFr49.4 million. As a result, the dividend will be raised from 20% to 25% of share capital - a payout of SFr22.5 million. Assets under management climbed by 16.6 per cent. As of 31 December 2006, the bank had SFr14.4 billion of client assets under management, SFr1.6 billion of which was new money in 2006. Dresdner Bank (Switzerland) was the first foreign bank with a German parent company to open in Switzerland in 1972. It is an autonomous and independent private bank entirely subject to Swiss federal banking law and is a part of the Dresdner Bank Group, which in turn is part of the Allianz Group. Besides the headquarters in Zurich, Dresdner Bank (Switzerland) has offices in Geneva, Lugano, Marbella and Singapore and operates with a staff of 283.