Russia's Gazprombank, which last year came close to selling a 33% stake to Dresdner Bank, has taken a team of four from the German group's investment banking arm to launch a new London unit.

The banking arm of Russian gas giant Gazprom has appointed Ulrich Gerza, previously a managing director in Dresdner Kleinwort's structured products team, to head its London operation. He will lead a team of four colleagues from Dresdner at the new office.