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Dresdner Bank AG () was a German
bank A bank is a financial institution that accepts Deposit account, 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 m ...
, founded in 1872 in
Dresden Dresden (; ; Upper Saxon German, Upper Saxon: ''Dräsdn''; , ) is the capital city of the States of Germany, German state of Saxony and its second most populous city after Leipzig. It is the List of cities in Germany by population, 12th most p ...
, then headquartered in
Berlin Berlin ( ; ) is the Capital of Germany, capital and largest city of Germany, by both area and List of cities in Germany by population, population. With 3.7 million inhabitants, it has the List of cities in the European Union by population withi ...
from 1884 to 1945 and in
Frankfurt Frankfurt am Main () is the most populous city in the States of Germany, German state of Hesse. Its 773,068 inhabitants as of 2022 make it the List of cities in Germany by population, fifth-most populous city in Germany. Located in the forela ...
from 1963 onwards after a postwar hiatus. Long Germany's second-largest bank behind
Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...
, it was eventually acquired by
Commerzbank The Commerzbank Aktiengesellschaft (shortly known as Commerzbank AG or Commerzbank ) is a European Financial institution, banking institution headquartered in Frankfurt am Main, Hesse, Germany. It offers services to private and entrepreneurial c ...
in May 2009.


1872-1933

The Dresdner Bank was established on through the conversion of , a Dresden-based private bank founded in 1771, on the advice of banker Eugen Gutmann. The bank's founding consortium of investors consisted of (Leipzig),
Berliner Handels-Gesellschaft The ''Berliner Handels-Gesellschaft'' (BHG, ) was a significant German joint-stock bank, founded in 1856 in Berlin. It relocated to Frankfurt following World War II. On (with retroactive effect at ), BHG merged with Frankfurter Bank to form , ...
(Berlin), (
Frankfurt Frankfurt am Main () is the most populous city in the States of Germany, German state of Hesse. Its 773,068 inhabitants as of 2022 make it the List of cities in Germany by population, fifth-most populous city in Germany. Located in the forela ...
), (Frankfurt) and (
Hamburg Hamburg (, ; ), officially the Free and Hanseatic City of Hamburg,. is the List of cities in Germany by population, second-largest city in Germany after Berlin and List of cities in the European Union by population within city limits, 7th-lar ...
), with an initial capital of 8 million
Thaler A thaler or taler ( ; , previously spelled ) 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 o ...
s (24 million Marks) and 30 employees in Wilsdruffer Strasse in
Dresden Dresden (; ; Upper Saxon German, Upper Saxon: ''Dräsdn''; , ) is the capital city of the States of Germany, German state of Saxony and its second most populous city after Leipzig. It is the List of cities in Germany by population, 12th most p ...
. Gutmann became chairman of the new entity's board and led it until his retirement in 1920. In the 1870s, the Dresdner Bank acquired smaller regional institutes and several banks. In 1881, it opened a branch in Berlin, whose activity quickly exceeded the nominal head office in Dresden. Therefore, the registered office moved to Berlin in 1884, while the place of jurisdiction remained in Dresden until 1950. In 1889, together with
Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...
and others, the Dresdner Bank participated in the creation of
Deutsch-Asiatische Bank The Deutsch-Asiatische Bank (DAB; ) was a foreign bank in Asia, founded in 1889 in Shanghai. Even though its owners were private-sector banks and its principal activity was trade financing, its role has been described as "quasi-governmental" in ...
in
Shanghai Shanghai, Shanghainese: , Standard Chinese pronunciation: is a direct-administered municipality and the most populous urban area in China. The city is located on the Chinese shoreline on the southern estuary of the Yangtze River, with the ...
, and in 1894 of
Banca Commerciale Italiana Banca Commerciale Italiana (BCI, colloquially known as Comit), founded in 1894, was a major Italian bank based in Milan. In 1999, it merged with the group recently formed by the combination of Cassa di Risparmio delle Provincie Lombarde and Ban ...
in
Milan Milan ( , , ; ) is a city in northern Italy, regional capital of Lombardy, the largest city in Italy by urban area and the List of cities in Italy, second-most-populous city proper in Italy after Rome. The city proper has a population of nea ...
. It also developed its own overseas-oriented network by opening branches in
Hamburg Hamburg (, ; ), officially the Free and Hanseatic City of Hamburg,. is the List of cities in Germany by population, second-largest city in Germany after Berlin and List of cities in the European Union by population within city limits, 7th-lar ...
(1892, when it absorbed the Anglo-Deutsche Bank),
Bremen Bremen (Low German also: ''Breem'' or ''Bräm''), officially the City Municipality of Bremen (, ), is the capital of the States of Germany, German state of the Bremen (state), Free Hanseatic City of Bremen (), a two-city-state consisting of the c ...
(1895), and
London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
(1901). In 1905 Dresdner formed a close alliance with J. P. Morgan & Co. of 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, including the establishment in 1905 of
Deutsche Orientbank The Deutsche Orientbank (DOB, ) was a German bank, founded in 1905-1906 in Berlin and merged into Dresdner Bank in 1931-1932. It was originally intended for financing ventures in the Ottoman Empire and the Khedivate of Egypt. In mid-1914 the ...
which also involved the
Nationalbank für Deutschland Nationalbank may refer to: * Danmarks Nationalbank, the central bank of Denmark * Nationalbank für Deutschland, a bank that merged into Darmstädter und Nationalbank in 1922 * Oesterreichische Nationalbank The (, , abbr. ) is the Nationa ...
. By end-1908, Dresdner Bank was the second-largest German joint-stock bank by total deposits, with a total of 225 million Marks surpassed only by Deutsche Bank (489 million) and well ahead of
Disconto-Gesellschaft The Disconto-Gesellschaft (, full name Direktion der Disconto-Gesellschaft) was a significant German bank, founded in Berlin in 1851. It was one of the largest German banking organizations until its 1929 merger into Deutsche Bank. History The ...
(219 million) and
Darmstädter Bank The ''Bank für Handel und Industrie'' in Darmstadt, often referred to as ''Darmstädter Bank'', was a significant joint-stock bank in Germany, active from 1853 until its merger with Nationalbank für Deutschland to form Danat-Bank in 1922. Ove ...
(109 million). At that time, Dresdner Bank was referred to as one of the four "D-Banks" (all of which had names starting with a D) that dominated German commercial banking, together with Darmstädter Bank, Deutsche Bank, and Disconto-Gesellschaft. During the
First World War World War I or the First World War (28 July 1914 – 11 November 1918), also known as the Great War, was a World war, global conflict between two coalitions: the Allies of World War I, Allies (or Entente) and the Central Powers. Fighting to ...
, the London branch was forced to close; however, the branch network itself expanded. By 1930, Dresdner Bank was Germany's third-largest joint-stock bank by total deposits with 2.3 billion Reichsmarks, behind
Deutsche Bank und Disconto-Gesellschaft Deutsche Bank AG (, ) is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. Deutsche Bank was founded i ...
(4.8 billion) and
Danat-Bank The ''Darmstädter und Nationalbank'', in shorthand Danat-Bank or Danatbank, was a large German joint-stock bank. It was formed in 1922 from the merger of the Bank für Handel und Industrie (Darmstadt), known as Darmstädter Bank, and the Nation ...
(2.4 billion), and ahead of
Commerz- und Privatbank The Commerzbank Aktiengesellschaft (shortly known as Commerzbank AG or Commerzbank ) is a European banking institution headquartered in Frankfurt am Main, Hesse, Germany. It offers services to private and entrepreneurial customers as well as cor ...
(1.5 billion),
Reichs-Kredit-Gesellschaft The ''Reichs-Kredit-Gesellschaft'' (RKG, ) was a significant state-owned German bank, located in Berlin. History The RKG originated in the war economy of Germany during World War I. In 1917, the Reich Treasury established a Statistical Office ...
(619 million), and
Berliner Handels-Gesellschaft The ''Berliner Handels-Gesellschaft'' (BHG, ) was a significant German joint-stock bank, founded in 1856 in Berlin. It relocated to Frankfurt following World War II. On (with retroactive effect at ), BHG merged with Frankfurter Bank to form , ...
(412 million). As a consequence of state intervention during the banking crisis of 1931, the
German Reich German ''Reich'' (, from ) 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 entirely from a continuing unitary German ''Volk'' ("na ...
owned 66% and Deutsche Golddiskontbank owned 22% of Dresdner Bank shares; the total government stake in Dresdner Bank reached 97 percent, and (unlike at Deutsche Bank) resulted in significant interference in the bank's management. As part of the same restructuring, Dresdner Bank acquired full ownership of the former Danat-Bank, of Mercurbank in
Vienna Vienna ( ; ; ) is the capital city, capital, List of largest cities in Austria, most populous city, and one of Federal states of Austria, nine federal states of Austria. It is Austria's primate city, with just over two million inhabitants. ...
, and of
Deutsche Orientbank The Deutsche Orientbank (DOB, ) was a German bank, founded in 1905-1906 in Berlin and merged into Dresdner Bank in 1931-1932. It was originally intended for financing ventures in the Ottoman Empire and the Khedivate of Egypt. In mid-1914 the ...
in
Istanbul Istanbul is the List of largest cities and towns in Turkey, largest city in Turkey, constituting the country's economic, cultural, and historical heart. With Demographics of Istanbul, a population over , it is home to 18% of the Demographics ...
. Its deputy director was
Hjalmar Schacht Horace Greeley Hjalmar Schacht (); 22 January 1877 – 3 June 1970) was a German economist, banker, politician, and co-founder of the German Democratic Party. He served as the Currency Commissioner and President of the Reichsbank during the ...
, soon-to-be Minister of Economy under
Nazism Nazism (), formally named National Socialism (NS; , ), is the far-right totalitarian socio-political ideology and practices associated with Adolf Hitler and the Nazi Party (NSDAP) in Germany. During Hitler's rise to power, it was fre ...
.


Nazi era

Following
Adolf Hitler Adolf Hitler (20 April 1889 – 30 April 1945) was an Austrian-born German politician who was the dictator of Nazi Germany from 1933 until Death of Adolf Hitler, his suicide in 1945. Adolf Hitler's rise to power, He rose to power as the lea ...
's assumption of power in 1933, the Dresdner Bank, which had been founded by a Jewish banker, Eugen Gutmann, fired all 600 Jewish employees, including board members as well as bank clerks, and cancelled or confiscated their pensions. In May of 1933, "Nazi brownshirts swarmed into the lobby of the Dresdner headquarters and smashed the bronze bust of Eugen to the ground." The bank was declared "Judenrein' ("cleansed" of Jews) and became a tool of Hitler's Nazi regime. The "Aryanized" bank fully participated in the Nazi regime's
aryanization Aryanization () was the Nazi term for the seizure of property from Jews and its transfer to non-Jews, and the forced expulsion of Jews from economic life in Nazi Germany, Axis powers, Axis-aligned states, and their occupied territories. It enta ...
of Jewish businesses and became known as the bank of choice for
Heinrich Himmler Heinrich Luitpold Himmler (; 7 October 1900 – 23 May 1945) was a German Nazism, Nazi politician and military leader who was the 4th of the (Protection Squadron; SS), a leading member of the Nazi Party, and one of the most powerful p ...
's SS."Hitler's Willing Bankers"
''Spiegel Online International''.
As with other banks that had been nationalized to various degrees in 1931, Dresdner Bank was reprivatised in stages in 1936-1937. After the Nazi
Anschluss The (, or , ), also known as the (, ), was the annexation of the Federal State of Austria into Nazi Germany on 12 March 1938. The idea of an (a united Austria and Germany that would form a "German Question, Greater Germany") arose after t ...
in 1938, Dresdner Bank on acquired ownership of Vienna-based
Länderbank The Länderbank, full original name k. k. privilegierte Österreichische Länderbank (), was a major Austrian bank, created in 1880. In 1922 its head office was moved to Paris under the name Banque des Pays de l'Europe Centrale (BPEC, , ), even ...
through its local subsidiary the Mercurbank, in a transaction forced under duress. The Prague-based Živnostenská Banka's Austrian subsidiary was simultaneously subsumed in the merged entity, renamed . The new Länderbank had 33 branch offices in Vienna (36 after acquisition of the Austrian business of in 1939), in comparison to 24 for the rival Creditanstalt-Bankverein that had come under control of Deutsche Bank. Later in 1938 following the Nazi annexation of the
Sudetenland The Sudetenland ( , ; Czech and ) is a German name for the northern, southern, and western areas of former Czechoslovakia which were inhabited primarily by Sudeten Germans. These German speakers had predominated in the border districts of Bohe ...
, Dresdner Bank, through , took over the former branches of the Böhmische Escompte-Bank in the South Moravian towns of
Břeclav Břeclav (; ) is a town in the South Moravian Region of the Czech Republic. It has about 25,000 inhabitants. Located at the Czech-Austrian state border and near the Czech–Slovak state border, it is an important railway hub. Administrative divis ...
(),
Mikulov Mikulov (; ) is a town in Břeclav District in the South Moravian Region of the Czech Republic. It has about 7,600 inhabitants. From the 16th to the 19th century, it was the cultural centre of the Jewish community of Moravia. The historic centr ...
() and
Znojmo Znojmo (; ) is a town in the South Moravian Region of the Czech Republic. It has about 34,000 inhabitants. Znojmo is the historical and cultural centre of southwestern Moravia and the second most populated town in the South Moravian Region. The hi ...
(). In subsequent years, most of the Länderbank's resources were used to finance the Nazi war effort, while in March 1939, Dresdner Bank acquired control of Böhmische Escompte-Bank. During
World War II World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...
, Dresdner Bank took over the Böhmische Escompte-Bank in
Prague Prague ( ; ) is the capital and List of cities and towns in the Czech Republic, largest city of the Czech Republic and the historical capital of Bohemia. Prague, located on the Vltava River, has a population of about 1.4 million, while its P ...
, the Societatea Bancară Română in
Bucharest Bucharest ( , ; ) is the capital and largest city of Romania. The metropolis stands on the River Dâmbovița (river), Dâmbovița in south-eastern Romania. Its population is officially estimated at 1.76 million residents within a greater Buc ...
, the Handels- und Kreditbank in
Riga Riga ( ) is the capital, Primate city, primate, and List of cities and towns in Latvia, largest city of Latvia. Home to 591,882 inhabitants (as of 2025), the city accounts for a third of Latvia's total population. The population of Riga Planni ...
, and the Kontinentale Bank in
Brussels Brussels, officially the Brussels-Capital Region, (All text and all but one graphic show the English name as Brussels-Capital Region.) is a Communities, regions and language areas of Belgium#Regions, region of Belgium comprising #Municipalit ...
. It also maintained majority control of the Kommerzialbank in
Kraków , officially the Royal Capital City of Kraków, is the List of cities and towns in Poland, second-largest and one of the oldest cities in Poland. Situated on the Vistula River in Lesser Poland Voivodeship, the city has a population of 804,237 ...
, Deutsche Handels- und Kreditbank in
Bratislava Bratislava (German: ''Pressburg'', Hungarian: ''Pozsony'') is the Capital city, capital and largest city of the Slovakia, Slovak Republic and the fourth largest of all List of cities and towns on the river Danube, cities on the river Danube. ...
, Banque Bulgare de Commerce in
Sofia Sofia is the Capital city, capital and List of cities and towns in Bulgaria, largest city of Bulgaria. It is situated in the Sofia Valley at the foot of the Vitosha mountain, in the western part of the country. The city is built west of the Is ...
, and founded the Handelstrust West N. V. in
Amsterdam Amsterdam ( , ; ; ) is the capital of the Netherlands, capital and Municipalities of the Netherlands, largest city of the Kingdom of the Netherlands. It has a population of 933,680 in June 2024 within the city proper, 1,457,018 in the City Re ...
. Following the
invasion of Yugoslavia The invasion of Yugoslavia, also known as the April War or Operation 25, was a Nazi Germany, German-led attack on the Kingdom of Yugoslavia by the Axis powers which began on 6 April 1941 during World War II. The order for the invasion was put fo ...
and proclamation of the
Independent State of Croatia The Independent State of Croatia (, NDH) was a World War II–era puppet state of Nazi Germany and Fascist Italy (1922–1943), Fascist Italy. It was established in parts of Axis occupation of Yugoslavia, occupied Yugoslavia on 10 April 1941, ...
, Dresdner Bank took a 53 percent stake in Jugoslavenska Banka, renamed by court order of . Also in 1941, Dresdner Bank took over management control of the
Bank of Athens The Bank of Athens (, ), colloquially known as ''Athinaiki'', was a Greek bank based in Athens, Greece, from where it took its name. Founded in 1893 and long affiliated with France's Banque de l'Union Parisienne (BUP), it was Greece's second-large ...
during the
Axis occupation of Greece The occupation of Greece by the Axis Powers () began in April 1941 after Nazi Germany Battle of Greece, invaded the Kingdom of Greece in order to assist its ally, Fascist Italy (1922–1943), Italy, in their Greco-Italian War, ongoing war that w ...
, without however taking ownership out of consideration for Italian sensitivities. In September 1941, Dresdner Bank appropriated a block of shares owned by , an affiliate of the French
Schneider-Creusot Schneider et Compagnie, also known as Schneider-Creusot for its birthplace in the French town of Le Creusot, was a historic iron and steel-mill company which became a major arms manufacturer. In the 1960s, it was taken over by the Belgian Empain ...
group, in the
Hungarian General Credit Bank The Hungarian General Credit Bank (, MÁH, , also known as Creditbank) was a major bank in Hungary, from its establishment in 1867 by the Rothschild family until its nationalization in 1948. History Background The Rothschild family was involv ...
. Dresdner Bank helped to finance concentration camps, including
Auschwitz Auschwitz, or Oświęcim, 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 consisted of Auschw ...
. The bank was closely involved in the occupation of Europe, "essentially acting as the bank of the SS in Poland". As a result of
World War II World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...
80% of the bank's buildings were destroyed, costing the bank 162 offices in 56 locations.


1945-2002

Following the
end of World War II in Europe The end of World War II in Europe occurred in May 1945. Following the Death of Adolf Hitler, suicide of Adolf Hitler on 30 April, leadership of Nazi Germany passed to Grand Admiral Karl Dönitz and the Flensburg Government. Soviet Union, Soviet t ...
, the chairman of the bank's supervisory board, , was arrested by the American occupation forces and held in custody until late 1947.
Karl Rasche Karl Emil August Rasche (23 August 1892 – 13 September 1951) was an SS-Obersturmbannführer and a Ph.D. in law as well as a board member and banker, later spokesman, of the Dresdner Bank during the Third Reich. On 11 April 1949 he was sentenc ...
, the bank's former chief executive () since 1942, was tried at Nuremberg and sentenced to seven years' imprisonment. The
Deutsche Orientbank The Deutsche Orientbank (DOB, ) was a German bank, founded in 1905-1906 in Berlin and merged into Dresdner Bank in 1931-1932. It was originally intended for financing ventures in the Ottoman Empire and the Khedivate of Egypt. In mid-1914 the ...
, Dresdner Bank's Turkish subsidiary, was liquidated in 1946. On 30 July 1977 in
Oberursel Oberursel (Taunus) (, , in contrast to " Lower Ursel") 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 ...
(
Taunus The Taunus () is a mountain range in Hesse and Rhineland-Palatinate, Germany, located north west of Frankfurt and north of Wiesbaden. The tallest peak in the range is '' Großer Feldberg'' at 878 m; other notable peaks are '' Kleiner Feldberg' ...
),
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 ...
, the chairman of the board of directors of Dresdner Bank, was shot in his home during an attempted kidnapping by the RAF. 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 "old states" upon German reunification on 3 October 1990. The ...
in Dresden on 2 January 1990. In the year 1991 the majority of the deposit-taking business (especially corporate and retail banking), as well as a number of branch buildings and locations, were taken from the
Deutsche Kreditbank Deutsche Kreditbank (DKB) is the second-largest direct bank in Germany with 5.8 million customers, fully owned by Bayerische Landesbank. In 2018 the company, with its parent company, ranked 7th on the list of the biggest banks in Germany. Th ...
together with the
Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...
in the course of the
currency union A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union ...
, and ran until 1993 under Dresdner Bank Kreditbank AG and Deutsche Bank Kreditbank AG until 1994. 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, 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. In 1999, Dresdner Bank and
Banque Nationale de Paris Banque nationale de Paris () was a major French bank. It was formed in 1966 through the merger of Comptoir national d'escompte de Paris (CNEP, est. 1848) and Banque nationale pour le commerce et l'industrie (est. 1932). In 1999, it merged with ...
(BNP) proposed a merger but
Allianz Allianz SE ( , ) is a German Multinational corporation, multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management. Allianz is the world's largest List of largest insurance ...
, a major shareholder of Dresdner Bank, opposed the merger.
AXA Axa S.A. is a French multinational insurance corporation headquartered in the 8th arrondissement of Paris. It also provides investment management and other financial services via its subsidiaries. As of 2024, it is the fourth largest financi ...
, a major shareholder in BNP, is a rival of Allianz.


Takeover by Allianz

In 2002 Dresdner Bank became a wholly owned subsidiary of the insurance corporation
Allianz Allianz SE ( , ) is a German Multinational corporation, multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management. Allianz is the world's largest List of largest insurance ...
. In July 2006 Dresdner Kleinwort, 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 major British retail and commercial bank with a significant presence across England and Wales. It has traditionally been regarded one of the " Big Four" clearing banks. Established in Birmingham in 1765, Lloyds Bank e ...
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 The Commerzbank Aktiengesellschaft (shortly known as Commerzbank AG or Commerzbank ) is a European Financial institution, banking institution headquartered in Frankfurt am Main, Hesse, Germany. It offers services to private and entrepreneurial c ...
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. In 2009,
Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...
announced it will integrate the Dresdner Agency Security Lending business into its trust and securities services (TSS) business in global transaction banking (GTB). Dresdner Bank attempted to get a banking operating license in
Saint Petersburg Saint Petersburg, formerly known as Petrograd and later Leningrad, is the List of cities and towns in Russia by population, second-largest city in Russia after Moscow. It is situated on the Neva, River Neva, at the head of the Gulf of Finland ...
, where former
KGB The Committee for State Security (, ), abbreviated as KGB (, ; ) was the main security agency of the Soviet Union from 1954 to 1991. It was the direct successor of preceding Soviet secret police agencies including the Cheka, Joint State Polit ...
agent
Vladimir Putin Vladimir Vladimirovich Putin (born 7 October 1952) is a Russian politician and former intelligence officer who has served as President of Russia since 2012, having previously served from 2000 to 2008. Putin also served as Prime Minister of Ru ...
was in charge of foreign economic relations. Dresdner Bank appointed Matthias Warnig, a former
Stasi The Ministry for State Security (, ; abbreviated MfS), commonly known as the (, an abbreviation of ), was the Intelligence agency, state security service and secret police of East Germany from 1950 to 1990. It was one of the most repressive pol ...
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 which was located in the massive former German embassy on St. Isaac's Square and was a joint venture with Banque nationale de Paris (BNP). The bank has had a lucrative business relationship with
Gazprom PJSC Gazprom ( rus, Газпром, , ɡɐsˈprom) is a Russian State-owned enterprise, majority state-owned multinational Energy industry, energy corporation headquartered in the Lakhta Center in Saint Petersburg. The Gazprom name is a contract ...
and the state oil company
Rosneft PJSC Rosneft Oil Company ( stylized as ROSNEFT) is a Russian integrated energy company headquartered in Moscow. Rosneft specializes in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and pet ...
. The bank advised on the forced sale of
Yukos OJSC "Yukos Oil Company" (, ) was an oil and gas company based in Moscow, Russia. Yukos was acquired from the Russian government by Russian oligarch Mikhail Khodorkovsky's Bank Menatep during the controversial "loans for shares" auctions of ...
assets. 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 The Commerzbank Aktiengesellschaft (shortly known as Commerzbank AG or Commerzbank ) is a European Financial institution, banking institution headquartered in Frankfurt am Main, Hesse, Germany. It offers services to private and entrepreneurial c ...
in 2009.


See also

* Allgemeine Deutsche Credit-Anstalt *
Law for the Restoration of the Professional Civil Service The Law for the Restoration of the Professional Civil Service (, shortened to ''Berufsbeamtengesetz''), also known as Civil Service Law, Civil Service Restoration Act, and Law to Re-establish the Civil Service, was enacted by the Nazi Party, Na ...
*
The Holocaust The Holocaust (), known in Hebrew language, Hebrew as the (), was the genocide of History of the Jews in Europe, European Jews during World War II. From 1941 to 1945, Nazi Germany and Collaboration with Nazi Germany and Fascist Italy ...
*
Nuremberg Laws The Nuremberg Laws (, ) were antisemitic and racist laws that were enacted in Nazi Germany on 15 September 1935, at a special meeting of the Reichstag convened during the annual Nuremberg Rally of the Nazi Party. The two laws were the Law ...
*
Anti-Jewish legislation in pre-war Nazi Germany Anti-Jewish legislation in pre-war Nazi Germany comprised several laws that segregated the Jews from German society and restricted Jewish people's political, legal and civil rights. Major legislative initiatives included a series of restrictiv ...
*
Jakob Goldschmidt Jakob Goldschmidt (also Jacob Goldschmidt; born 31 December 1882 in Eldagsen; died 23 September 1955 in New York) was a German-Jewish banker. Career Goldschmidt studied banking from H. Oppenheimer in Hanover. In 1907, he worked at the National ...


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References


External links

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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 Frankfurt Stock Exchange Companies formerly listed on the Tokyo Stock Exchange German companies disestablished in 2009 German companies established in 1872