Dresdner Bank
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| Public | |
| Industry | Financial services |
| Fate | Acquired by Commerzbank |
| Founded | November 12, 1872 |
| Defunct | 2009 |
| Headquarters | Frankfurt, Germany |
| Products | Retail, commercial and commercial real estate banking |
| Website |
www |
Dresdner Bank AG was one of Germany's largest banking corporations and was based in Frankfurt. It was acquired by competitor Commerzbank in December 2009.
Dresdner Bank was established on 12 November 1872 through the conversion of private bank 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 the 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. 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, the London branch was forced to close; however, the branch network itself expanded.
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.
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Wikipedia