Dresdner Bank
From Wikipedia, the free encyclopedia
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| Type | Public |
|---|---|
| Founded | 12 November 1872 |
| Headquarters | Frankfurt, Germany  |
| Industry | Financial services |
| Products | Retail, commercial and commercial real estate banking |
| Website | www.dresdner-bank.com |
Dresdner Bank AG was one of Germany's largest banking corporations and was based in Frankfurt.
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[edit] History
[edit] 19th century
Dresdner Bank was established on 12 November 1872 through the conversion of financial institution Michael Kaskel. 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 Thalers (24 million Marks) and 30 employees in Wilsdruffer Strasse in Dresden. In 1870s, 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. During the First World War, the London branch was forced to close; however, the branch network expanded in overall.
[edit] Early 20th century
After the banking crisis in 1931 the German Reich owned 66% and Deutsche Golddiskontbank owned 22% of Dresdner Bank shares. Its deputy director was Dr Schacht, Minister of Economy under Nazism. The Bank was reprivatised in 1937.
During World War II, Dresdner Bank controlled various banks in countries under German Occupation. It took over the Bohemian Discount Bank in Prague, the Societa Bancara Romana in Bucharest, the Handels- und Kreditbank in Riga, the Kontinentale Bank in Brussels, and Banque d'Athenes. It maintained majority control of the Croatian Landerbank and the Kommerzialbank in Kraków and the Deutsche Handels- und Kreditbank in Bratislava. 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. It also controlled Banque Bulgare de Commerce in Sofia and the Deutsche Orient-Bank in Turkey.
As a result of World War II 80% of the Bank's buildings were destroyed, costing the Bank 162 offices in 56 locations.
[edit] Post World War II era
Monetary reform and the introduction of the Deutsche Mark in 1948 helped return banking to normality.
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 in Dresden in 2 January 1990. After the acquisition of Kleinwort Benson 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.
[edit] Allianz era
In 2002 Dresdner Bank became a wholly-owned subsidiary of the insurance corporation Allianz. 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 were amongst those rumoured to be interested. However, by July that year Lloyds TSB had denied any interest in making a bid.
[edit] Takeover by Commerzbank
On August 31 2008, Commerzbank announced that it would acquire Dresdner Bank for EUR 9.8 billion. The deal entitled Allianz to receive about EUR 8.8 billion for the sale of 100% of Dresdner Bank AG and about EUR 975 million into a trust solution for specific ABS assets of Dresdner Bank.
The transaction, which would occur in two steps, is expected to be completed by the end of 2009. Under the deal, Commerzbank would pay about EUR 1.6 billion in cash and remainder in shares.[1]
[edit] References
[edit] External links
- Dresdner Bank corporate website
- History - Timeline
- Allianz Group corporate website
- Dresdner Kleinwort
- Dresdner-Cetelem
