Building on a reorganization of its U.S. operations launched a year ago, Germany's Dresdner Bank AG is boosting the capital of its New York- based securities unit, Dresdner Securities (USA) Inc. to $241 million from $41 million. Half the extra capital will be equity and half subordinated debt, the bank said.
George Fugelsang, North American chief executive for Dresdner, said the capital increase was "a key part of our strategy to expand Dresdner's activities in the U.S. market." He added that the new capital will be used to support a broader range of market activities, primarily treasury and trading operations.