Dresdner Bank, the banking arm of German insurer Allianz, is planning to expand its private wealth management operations to Russia. The bank is to appoint private bankers in its offices in Moscow and St Petersburg. Dresdner has previously concentrated on investment banking in Russia. Management board member Andreas Georgi told German newspaper Die Welt that the bank also aims to boost its market presence in the Middle East and in countries near Germany. "We have recently acquired two asset management firms in Belgium. Benelux is and remains an appealing market to us," Mr Georgi said.