Commerzbank is to relocate staff from two of its offices in the City of London into Dresdner Kleinwort's former Gresham Street headquarters, following its decision to scale back Dresdner's investment banking operations in the UK.

The German bank, which completed its acquisition of Dresdner Kleinwort on Monday, has carried out a review of its UK property strategy and concluded that it will be based at 30 Gresham Street, according to trade magazine Property Week.