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 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.
Early 20th century and the Third Reich
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... Read More