Dresdner Bank AG was a German
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
and was based in
Frankfurt
Frankfurt, officially Frankfurt am Main (; Hessian: , "Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on its na ...
. It was one of Germany's largest banking corporations and was acquired by competitor
Commerzbank in May 2009.
History
19th century
The Dresdner Bank was established on 12 November 1872 through the conversion of the private banks Michael Kaskel and Bernhard Gutmann. The Dresdner Bank founding consortium consisted of Allgemeine Deutsche Creditanstalt (Leipzig), Berliner Handels-Gesellschaft (Berlin), Deutsche Vereinsbank (Frankfurt am Main), Deutsche Effecten- und Wechselbank (Frankfurt am Main) and Anglo-Deutsche Bank (Hamburg) with an initial capital of 8 million
Thaler
A thaler (; also taler, from german: Taler) is one of the large silver coins minted in the states and territories of the Holy Roman Empire and the Habsburg monarchy during the Early Modern period. A ''thaler'' size silver coin has a diameter of ...
s (24 million Marks) and 30 employees in Wilsdruffer Strasse in
Dresden
Dresden (, ; Upper Saxon: ''Dräsdn''; wen, label=Upper Sorbian, Drježdźany) is the capital city of the German state of Saxony and its second most populous city, after Leipzig. It is the 12th most populous city of Germany, the fourth larg ...
. From 1872 until his retirement in 1920, (1840-1925) was chairman of the board. In the 1870s, the Dresdner Bank acquired smaller regional institutes and several banks. The new branch in Berlin quickly exceeded the office in Dresden; therefore, the registered office moved to Berlin in 1884 leaving the place of jurisdiction in Dresden until 1950. After few new acquisitions, (even the acquisition of founder of Anglo-Deutsche Bank) opened the first international branch in London in 1895.
By 1900, Dresdner bank had the largest German branch network. In all, the Dresdner Bank had (beginning of 1909) 27 branches, all, with the exception of the one in London, being located in Germany. In addition it had one silent partner and 57 deposit offices, 23 being in Berlin. In 1905 a close alliance was formed with the banking house of
J. P. Morgan & Co., New York, for joint action in international finance and issue operations, particularly the absorption of American securities by German investors. Operations in the orient and South America were carried on jointly in cooperation with the
A. Schaaffhausen'scher Bankverein.
During the
First World War
World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...
, the London branch was forced to close; however, the branch network itself expanded.
Early 20th century and World War II
After the banking crisis in 1931 the
German Reich
German ''Reich'' (lit. German Realm, German Empire, from german: Deutsches Reich, ) was the constitutional name for the German nation state that existed from 1871 to 1945. The ''Reich'' became understood as deriving its authority and sovereignty ...
owned 66% and
Deutsche Golddiskontbank
The Deutsche Golddiskontbank (also Golddiskontbank, and abbreviated Dego) was a state-owned special bank founded in 1924 to promote German export industry by financing raw material imports. It was liquidated in 1945.
The purpose of the Deutsche Go ...
owned 22% of Dresdner Bank shares. Its deputy director was
Dr Schacht, Minister of Economy under
Nazism
Nazism ( ; german: Nazismus), the common name in English for National Socialism (german: Nationalsozialismus, ), is the far-right totalitarian political ideology and practices associated with Adolf Hitler and the Nazi Party (NSDAP) in Na ...
. The bank was reprivatised in 1937.
During
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
, Dresdner Bank controlled various banks in countries under German Occupation. It took over the
Böhmische Escompte-Bank
The Böhmische Escompte-Bank (BEB, cs, Česká eskomptní banka, ) was a significant Prague-based bank with branches in most major towns of Bohemia and, later, Czechoslovakia. In 1919 it was renamed Böhmische Escompte-Bank und Credit-Anstalt ( ...
in
Prague
Prague ( ; cs, Praha ; german: Prag, ; la, Praga) is the capital and largest city in the Czech Republic, and the historical capital of Bohemia. On the Vltava river, Prague is home to about 1.3 million people. The city has a temperate ...
, the Societatea Bancară Română in
Bucharest
Bucharest ( , ; ro, București ) is the capital and largest city of Romania, as well as its cultural, industrial, and financial centre. It is located in the southeast of the country, on the banks of the Dâmbovița River, less than north of ...
, the
Handels- und Kreditbank in
Riga
Riga (; lv, Rīga , liv, Rīgõ) is the capital and largest city of Latvia and is home to 605,802 inhabitants which is a third of Latvia's population. The city lies on the Gulf of Riga at the mouth of the Daugava river where it meets the Ba ...
, the
Kontinentale Bank in
Brussels
Brussels (french: Bruxelles or ; nl, Brussel ), officially the Brussels-Capital Region (All text and all but one graphic show the English name as Brussels-Capital Region.) (french: link=no, Région de Bruxelles-Capitale; nl, link=no, Bruss ...
, and
Banque d'Athenes. It maintained majority control of the Croatian Landerbank and the Kommerzialbank in
Kraków
Kraków (), or Cracow, is the second-largest and one of the oldest cities in Poland. Situated on the Vistula River in Lesser Poland Voivodeship, the city dates back to the seventh century. Kraków was the official capital of Poland until 1596 ...
and the Deutsche Handels- und Kreditbank in
Bratislava
Bratislava (, also ; ; german: Preßburg/Pressburg ; hu, Pozsony) is the Capital city, capital and largest city of Slovakia. Officially, the population of the city is about 475,000; however, it is estimated to be more than 660,000 — approxim ...
. It took over the French interests in the Hungarian General Bank and the Greek Credit Bank, and it founded the Handelstrust West N. V. in
Amsterdam
Amsterdam ( , , , lit. ''The Dam on the River Amstel'') is the Capital of the Netherlands, capital and Municipalities of the Netherlands, most populous city of the Netherlands, with The Hague being the seat of government. It has a population ...
. It also controlled Banque Bulgare de Commerce in
Sofia
Sofia ( ; bg, София, Sofiya, ) is the capital and largest city of Bulgaria. It is situated in the Sofia Valley at the foot of the Vitosha mountain in the western parts of the country. The city is built west of the Iskar river, and ha ...
and the Deutsche Orient-Bank in Turkey.
As a result of
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
80% of the bank's buildings were destroyed, costing the bank 162 offices in 56 locations.
Post World War II era
![Frankfurt Am Main-Gallileo von Nordosten-20120115](https://upload.wikimedia.org/wikipedia/commons/6/63/Frankfurt_Am_Main-Gallileo_von_Nordosten-20120115.jpg)
Monetary reform and the introduction of the
Deutsche Mark
The Deutsche Mark (; English: ''German mark''), abbreviated "DM" or "D-Mark" (), was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until the adoption of the euro in 2002. In English, it was ...
in 1948 helped return banking to normality.
On 30 July 1977 in
Oberursel
Oberursel (Taunus) () is a town in Germany and part of the Frankfurt Rhein-Main urban area. It is located to the north west of Frankfurt, in the Hochtaunuskreis county. It is the 13th largest town in Hesse. In 2011, the town hosted the 51st Hes ...
(
Taunus
The Taunus is a mountain range in Hesse, Germany, located north of Frankfurt. The tallest peak in the range is '' Großer Feldberg'' at 878 m; other notable peaks are ''Kleiner Feldberg'' (825 m) and '' Altkönig'' (798 m).
The Taunus range span ...
),
Jürgen Ponto
Jürgen Ponto (17 December 1923 Bad Nauheim, Hesse - 30 July 1977 Frankfurt am Main) was a German banker and since 1969 chairman of the Dresdner Bank board of directors. Previously, he had worked as a lawyer. He was murdered by members of the R ...
, the chairman of the board of directors of Dresdner Bank, was shot in his home during an attempted kidnapping by the
RAF
The Royal Air Force (RAF) is the United Kingdom's air and space force. It was formed towards the end of the First World War on 1 April 1918, becoming the first independent air force in the world, by regrouping the Royal Flying Corps (RFC) and ...
. Ponto later died from his injuries.
Dresdner Bank expanded its network with acquisition and opening new offices not only in Europe but also in the United States, Singapore, Canada, Australia, Japan, Hong Kong, and China. Dresdner Bank was the first to open its own office in former
eastern Germany
The new states of Germany () are the five re-established states of the former German Democratic Republic (GDR) that unified with the Federal Republic of Germany (FRG) with its 10 states upon German reunification on 3 October 1990.
The new st ...
in Dresden on 2 January 1990. After the acquisition of
Kleinwort Benson
Kleinwort Benson was a leading investment bank that offered a wide range of financial services from offices throughout the United Kingdom and Channel Islands. Two families, the Kleinworts and the Bensons, founded two different merchant banks in ...
in 1995 to form its investment-banking arm
Dresdner Kleinwort
Kleinwort Hambros is a private bank owned by Société Générale that offers financial services from offices throughout the United Kingdom and Channel Islands. Kleinwort Hambros focuses on private banking, providing a range of services for high ...
, Dresdner Bank took over the American investment bank
Wasserstein Perella Group Inc., New York in 2000. This investment banking unit was then renamed Dresdner Kleinwort Wasserstein.
Allianz era
In 2002 Dresdner Bank became a wholly owned subsidiary of the insurance corporation
Allianz
Allianz ( , ) is a German multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management.
The company is one of the world's largest insurers and financial services groups. The ...
. In July 2006
Dresdner Kleinwort
Kleinwort Hambros is a private bank owned by Société Générale that offers financial services from offices throughout the United Kingdom and Channel Islands. Kleinwort Hambros focuses on private banking, providing a range of services for high ...
, dropped Wasserstein from their name and went through a re-organization of corporate bank, capital markets and investment bank. The arm made up of capital markets and investment banking.
In 2008 it was reported that Allianz was looking to dispose of Dresdner Bank. British banking group
Lloyds TSB
Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the " Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an exte ...
were amongst those rumoured to be interested. However, by July that year Lloyds TSB had denied any interest in making a bid.
Takeover by Commerzbank
On August 31, 2008,
Commerzbank announced that it would acquire Dresdner Bank for EUR 9.8 billion. Dresdner Bank was legally merged with Commerzbank on 11 May 2009 and ceased to be an independent entity.
Acquisition by Deutsche Bank
In 2009, Deutsche Bank announced it will integrate the Dresdner Agency Security Lending business into its trust and securities services (TSS) business in global transaction banking (GTB).
Controversies
Nazi era
Dresdner Bank was known as the bank of choice for
Heinrich Himmler
Heinrich Luitpold Himmler (; 7 October 1900 – 23 May 1945) was of the (Protection Squadron; SS), and a leading member of the Nazi Party of Germany. Himmler was one of the most powerful men in Nazi Germany and a main architect of th ...
's
SS.
["Hitler's Willing Bankers"](_blank)
''Spiegel Online International''.
The bank took part early on in
Nazi Germany
Nazi Germany (lit. "National Socialist State"), ' (lit. "Nazi State") for short; also ' (lit. "National Socialist Germany") (officially known as the German Reich from 1933 until 1943, and the Greater German Reich from 1943 to 1945) was ...
's
confiscation of Jewish property and wealth.
The bank helped to finance concentration camps, including
Auschwitz
Auschwitz concentration camp ( (); also or ) was a complex of over 40 concentration and extermination camps operated by Nazi Germany in occupied Poland (in a portion annexed into Germany in 1939) during World War II and the Holocaust. It con ...
.
The bank was closely involved in the
occupation of Europe, "essentially acting as the bank of the SS in Poland".
Gazprom
Dresdner Bank attempted to get a banking operating license in
Saint Petersburg
Saint Petersburg ( rus, links=no, Санкт-Петербург, a=Ru-Sankt Peterburg Leningrad Petrograd Piter.ogg, r=Sankt-Peterburg, p=ˈsankt pʲɪtʲɪrˈburk), formerly known as Petrograd (1914–1924) and later Leningrad (1924–1991), i ...
, where former
KGB
The KGB (russian: links=no, lit=Committee for State Security, Комитет государственной безопасности (КГБ), a=ru-KGB.ogg, p=kəmʲɪˈtʲet ɡəsʊˈdarstvʲɪn(ː)əj bʲɪzɐˈpasnəsʲtʲɪ, Komitet gosud ...
agent
Vladimir Putin
Vladimir Vladimirovich Putin; (born 7 October 1952) is a Russian politician and former intelligence officer who holds the office of president of Russia. Putin has served continuously as president or prime minister since 1999: as prime min ...
was in charge of foreign economic relations. Dresdner Bank appointed
Matthias Warnig
Matthias Warnig (born 26 July 1955) is a former East German Stasi officer and a Russia-based businessman who has worked closely with Vladimir Putin. He joined Stasi, the secret police of communist East Germany, in 1974. After Stasi was disbande ...
, a former
Stasi
The Ministry for State Security, commonly known as the (),An abbreviation of . was the Intelligence agency, state security service of the East Germany from 1950 to 1990.
The Stasi's function was similar to the KGB, serving as a means of maint ...
agent and Vladimir Putin's former KGB contact,
to negotiate with Putin. The office was opened in 1991.
[ Warnig became chairman of the board of directors of Dresdner Bank ZAO, Dresdner Bank Russian subsidiary.
The bank has had a lucrative business relationship with ]Gazprom
PJSC Gazprom ( rus, Газпром, , ɡɐzˈprom) is a Russian majority state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg. As of 2019, with sales over $120 billion, it was ranked as the larges ...
and the state oil company Rosneft
PJSC Rosneft Oil Company ( stylized as ROSNEFT) is a Russian Vertical integration, integrated energy company headquartered in Moscow. Rosneft specializes in the exploration, Extraction of petroleum, extraction, production, refining, Petroleum t ...
. The bank advised on the forced sale of Yukos
OJSC "Yukos Oil Company" (russian: ОАО Нефтяна́я Компа́ния Ю́КОС, links=no, ) was an oil and gas company based in Moscow, Russia. Yukos was acquired from the Russian government by Russian oligarch Mikhail Khodorkovs ...
assets.[Nord Stream, Matthias Warnig (codename "Arthur") and the Gazprom Lobby](_blank)
Eurasia Daily Monitor Volume: 6 Issue: 114
2008 Dividend stripping
In 2017, Frankfurt prosecutors, together with federal crime police and tax officials, conducted searches of Commerzbank offices as well as the flats of three suspects in Frankfurt and nearby Hanau about a "tax evasion probe in which several current and former managers are suspected of evading 40 million euros ($47 million) in taxes via dividend stripping Dividend stripping is the practice of buying shares a short period before a dividend is declared, called cum-dividend, and then selling them when they go ex-dividend, when the previous owner is entitled to the dividend. On the day the company trade ...
, also known as "cum-ex" transactions". The investigation also extends to trades in 2008 at Dresdner Bank, which was taken over by Commerzbank in 2009.
Notes
References
External links
*
*
History - Timeline
Allianz Group corporate website
Dresdner Kleinwort
Dresdner-Cetelem
*
{{Authority control
Commerzbank
Allianz
Defunct banks of Germany
Banks established in 1872
Banks disestablished in 2009
2009 mergers and acquisitions
German brands
Companies involved in the Holocaust
Companies formerly listed on the Tokyo Stock Exchange
German companies disestablished in 2009
German companies established in 1872
fi:Dresdner Bank