Dresdner Bank has become the second German bank to commit to a big investment in a Russian financial institution in two days. It is to buy 33% of Gazprombank for $800m (€677m) in a deal aimed at preparing Russia's number three bank for an initial public offering.

The deal follows Deutsche Bank's decision on Monday to buy the 60% of Russian broker United Financial Group it did not already own for $400m (€339.7m).