Ostsächsische Sparkasse Dresden (Dresden East-Saxon Savings Bank) is a
Sparkasse, a public
savings bank
A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks ha ...
based 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 ...
,
Saxony
Saxony, officially the Free State of Saxony, is a landlocked state of Germany, bordering the states of Brandenburg, Saxony-Anhalt, Thuringia, and Bavaria, as well as the countries of Poland and the Czech Republic. Its capital is Dresden, and ...
. It is the largest savings bank in eastern-Germany, and it is the seventh-largest savings bank in the Federal Republic of Germany in terms of total assets, with €12.2 billion.
History
On February 3, 1821,
[Buch "Geschichte der Stadtsparkasse Dresden", 1996] the first savings bank was opened in the city of Dresden.
The second half of the 19th century and the beginning of the 20th century were determined by modernization and growth spurts. Saxony became the driving motor for the
industrialization of Germany and the bank benefited from rising wages and increasing demand for credit. With the incorporations around the turn of the century numerous new district branches were opened, more professional management structure and staff training and cashless payment was enabled.
After a brief dip in the years of
inflation
In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of curre ...
, the real wage in 1923 stabilized again, as well as the account balance of the bank. The global economic crisis of 1929 and the
Second World War
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 ...
along with the
1945 bombing of Dresden all led to deep crises in the bank. After the partition of Germany and the establishment of the
East Germany
East Germany, officially known as the German Democratic Republic (GDR), was a country in Central Europe from Foundation of East Germany, its formation on 7 October 1949 until German reunification, its reunification with West Germany (FRG) on ...
the bank became part of the socialist planned economy for the next 40 years. In 1986, the bank's first ATM was set up at the Güntzplatz branch.
Organization
As a public institution, the Ostsächsische Sparkasse Dresden is subject to the legal bases of the Savings Bank Act of the Free State of Saxony and the Articles of Association adopted by the Board of the Savings Bank. The governing bodies of savings banks are the supervisory board and the management board. The Ostsächsische Sparkasse Dresden is a member of the East German Savings Bank Association and is connected via this to the German Savings Banks and Giro Association.
Ostsächsische Sparkasse Dresden, like other savings banks in Saxony, is a fully owned subsidiary of Saxony Financial Group. Thus, the ultimate shareholders of the group are the Saxon municipalities and the Free State of Saxony.
References
External links
Official Website
Banks of Germany
Banks established in 1821
Companies based in Dresden
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