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Dresdner Bank
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Dresdner Bank
Dresdner Bank AG (German pronunciation: [ˈdʁeːsdnɐ ˈbaŋk]) was a German bank, founded in 1872 in Dresden, then headquartered in Berlin from 1884 to 1945 and in Frankfurt from 1963 onwards after a postwar hiatus. Long Germany's second-largest bank behind Deutsche Bank, it was eventually acquired by Commerzbank in May 2009.
The Dresdner Bank was established on 12 November 1872 through the conversion of Bankhaus Kaskel, a Dresden-based private bank founded in 1771, on the advice of banker Eugen Gutmann. The bank's founding consortium of investors consisted of Allgemeine Deutsche Credit-Anstalt (Leipzig), Berliner Handels-Gesellschaft (Berlin), Deutsche Vereinsbank (Frankfurt), Deutsche Effecten- und Wechselbank (Frankfurt) and Anglo-Deutsche Bank (Hamburg), with an initial capital of 8 million Thalers (24 million Marks) and 30 employees in Wilsdruffer Strasse in Dresden. 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.[citation needed] In 1889, together with Deutsche Bank and others, the Dresdner Bank participated in the creation of Deutsch-Asiatische Bank in Shanghai, and in 1894 of Banca Commerciale Italiana in Milan. It also developed its own overseas-oriented network by opening branches in Hamburg (1892, when it absorbed the Anglo-Deutsche Bank), Bremen (1895), and London (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 which also involved the Nationalbank für Deutschland.
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 (219 million) and Darmstädter Bank (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, 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 (4.8 billion) and Danat-Bank (2.4 billion), and ahead of Commerz- und Privatbank (1.5 billion), Reichs-Kredit-Gesellschaft (619 million), and Berliner Handels-Gesellschaft (412 million).
As a consequence of state intervention during the banking crisis of 1931, the German Reich 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, and of Deutsche Orientbank in Istanbul. Its deputy director was Hjalmar Schacht, soon-to-be Minister of Economy under Nazism.
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Dresdner Bank AI simulator
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Dresdner Bank
Dresdner Bank AG (German pronunciation: [ˈdʁeːsdnɐ ˈbaŋk]) was a German bank, founded in 1872 in Dresden, then headquartered in Berlin from 1884 to 1945 and in Frankfurt from 1963 onwards after a postwar hiatus. Long Germany's second-largest bank behind Deutsche Bank, it was eventually acquired by Commerzbank in May 2009.
The Dresdner Bank was established on 12 November 1872 through the conversion of Bankhaus Kaskel, a Dresden-based private bank founded in 1771, on the advice of banker Eugen Gutmann. The bank's founding consortium of investors consisted of Allgemeine Deutsche Credit-Anstalt (Leipzig), Berliner Handels-Gesellschaft (Berlin), Deutsche Vereinsbank (Frankfurt), Deutsche Effecten- und Wechselbank (Frankfurt) and Anglo-Deutsche Bank (Hamburg), with an initial capital of 8 million Thalers (24 million Marks) and 30 employees in Wilsdruffer Strasse in Dresden. 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.[citation needed] In 1889, together with Deutsche Bank and others, the Dresdner Bank participated in the creation of Deutsch-Asiatische Bank in Shanghai, and in 1894 of Banca Commerciale Italiana in Milan. It also developed its own overseas-oriented network by opening branches in Hamburg (1892, when it absorbed the Anglo-Deutsche Bank), Bremen (1895), and London (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 which also involved the Nationalbank für Deutschland.
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 (219 million) and Darmstädter Bank (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, 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 (4.8 billion) and Danat-Bank (2.4 billion), and ahead of Commerz- und Privatbank (1.5 billion), Reichs-Kredit-Gesellschaft (619 million), and Berliner Handels-Gesellschaft (412 million).
As a consequence of state intervention during the banking crisis of 1931, the German Reich 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, and of Deutsche Orientbank in Istanbul. Its deputy director was Hjalmar Schacht, soon-to-be Minister of Economy under Nazism.
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