Dresdner Bank AG was one of Germany's largest
banking corporations and was based in Frankfurt.
The 2003 finished "Gallileo Tower" is
part of the head office of Dresdner Bank.
Dresdner Bank was established on 12
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.
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
, the London branch was forced to close; however, the branch
network expanded in overall.
Early 20th century
After the banking crisis in 1931 the German
owned 66% and Deutsche Golddiskontbank
of Dresdner Bank shares. Its deputy director was Dr Schacht
, Minister of Economy under
. The Bank was reprivatised in
During World War II
, Dresdner Bank
controlled various banks in countries under German Occupation.
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
Post World War II era
Monetary reform and the introduction of the Deutsche Mark
in 1948 helped return banking to
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
. 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.
Dresdner Bank became a wholly-owned subsidiary of the insurance
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
In 2008 it was reported that Allianz was looking to dispose of
Dresdner Bank. British banking group Lloyds
were amongst those rumoured to be interested. However, by
July that year Lloyds TSB had denied any interest in making a
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.
Bank was known as the bank of choice for Heinrich Himmler's SS.
The bank took part early on in the Third
's policy of confiscating Jewish property and wealth.
helped to finance concentration camps, including Auschwitz.
The bank was closely involved in occupation of Europe
acting as the bank of the SS in Poland".
Matthias Warnig's involvement
Bank attempted to get a banking operating license in Saint
Petersburg, where former KGB agent
Vladimir Putin was in charge of
foreign economic relations.
Dresdner Bank appointed Matthias Warnig
, a former Stasi
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.
The bank has had a lucrative business relationship with Gazprom
and the state oil company Rosneft
. The bank was also involved in the
controversial forced sale of Yukos