Dispersing resins comprising polyethers/polyesters

A dispersing resin obtainable by full or partial reaction of

• A) one or more amino-functional polymers with
• B) one or more polyesters of the general formula (I)/(Ia)
• T-C(O)—[O-A-C(O)]x—OH (I)
• T-O—[C(O)-A-O—]y—Z (Ia)
• and
• C) one or more polyethers of the general formula (II)/(IIa)
• T-C(O)—B—Z (II)
• T-O—B—Z (IIa)
• in which
• T is a hydrogen and/or a substituted or unsubstituted, linear or branched aryl, arylalkyl, alkyl or alkenyl radical wherein the alkyl or alkenyl radical has 1 to 24 carbon atoms,
• A is at least one divalent radical selected from the group consisting of linear, branched, cyclic, and aromatic hydrocarbons,
• Z is at least one radical selected from the group consisting of sulfonic acids, sulfuric acids, phosphonic acids, phosphoric acids, carboxylic acids, isocyanates, and epoxides,
• B is a radical of the general formula (III)
• —(CLH2LO)a—(CmH2mO)b—(CnH2nO)c—(SO)d— (III)
• a, b, and c independently of one another are values from 0 to 100, with the proviso that the sum of a+b+c≧0 and that the sum of a+b+c+d>0
• d≧0
• L, m, and n independently of one another are ≧2
• x and y independently of one another are ≧2.