Dresdner Bank

Dresdner Bank was a German universal bank founded in Dresden on 12 November 1872 through the conversion of Bankhaus Kaskel, a private bank established in 1771. Banker Eugen Gutmann advised the conversion and became chairman of the new bank's board, leading it until his retirement in 1920. The founding consortium included several regional German banks, and the institution began with 8 million thalers of capital and approximately 30 employees. During the late nineteenth and early twentieth centuries, Dresdner Bank expanded through acquisitions, branch openings, and international partnerships. Its Berlin branch rapidly outgrew the Dresden head office, leading to the registered office's transfer to Berlin in 1884. The bank opened or absorbed operations in Hamburg, Bremen, and London, participated in the creation of financial institutions in Shanghai and Milan, and developed relationships with overseas banking partners including J. P. Morgan & Co. By the early twentieth century it was one of Germany's major joint-stock banks and was commonly grouped with other large institutions known as the country's four major “D-banks.” The banking crisis of 1931 brought extensive state intervention. The German Reich and Deutsche Golddiskontbank together acquired a dominant interest, and Dresdner Bank absorbed or took control of several troubled institutions, including Danat-Bank, Mercurbank in Vienna, and Deutsche Orientbank. The bank was subsequently reprivatized in stages in 1936 and 1937, but under National Socialist rule it became deeply integrated into the regime's economic and occupation policies. In 1933 it dismissed its Jewish employees and board members, confiscated associated pension rights, and severed its institutional connection with founder Eugen Gutmann. Dresdner Bank participated in the forced transfer of Jewish businesses and became closely associated with the SS and the Nazi occupation economy. During the Second World War it controlled or influenced banks across occupied and Axis-aligned Europe and helped finance concentration-camp operations, including Auschwitz. Much of its physical network was destroyed by the end of the war. After 1945 the bank rebuilt its German network and gradually re-established an international presence. Its postwar headquarters moved to Frankfurt, and the bank expanded into North America, Asia, Australia, and other European markets. It opened an office in Dresden in January 1990, becoming one of the first West German banks to establish a presence in the former East Germany. In the 1990s it also acquired and developed investment-banking capabilities, most notably through the purchase of Kleinwort Benson in 1995 and Wasserstein Perella Group in 2000. These activities were eventually organized under the Dresdner Kleinwort Wasserstein and later Dresdner Kleinwort names. Dresdner Bank maintained a long partnership with Banque Nationale de Paris, creating joint ventures in Central and Eastern Europe during the transition from communist to market economies. The partnership was progressively unwound after BNP merged with Paribas, with the two groups dividing their regional interests. Dresdner Bank became a wholly owned Allianz subsidiary in 2002. Allianz later sought to dispose of the bank, and Commerzbank announced an agreement to acquire it on 31 August 2008 for approximately EUR 9.8 billion. The legal merger took effect on 11 May 2009, ending Dresdner Bank as an independent institution. Its brand and operating businesses were absorbed into Commerzbank, while some associated investment-banking, securities-lending, and regional activities were separately integrated or sold.

Dresdner Bank originated in the conversion of Bankhaus Kaskel in 1872. Its founding reflected the expansion of Germany's industrial economy and the growing importance of joint-stock banking. Eugen Gutmann became the first chairman, while a consortium of banks from Dresden, Leipzig, Berlin, Frankfurt, and Hamburg supplied the initial capital. The institution quickly expanded beyond Dresden. A Berlin branch opened in 1881, and the registered office moved to Berlin in 1884. Dresdner Bank then broadened its domestic network by absorbing or opening operations in Hamburg and Bremen and established a London branch in 1901. The bank's early strategy combined domestic consolidation with international finance. It participated in the creation of Deutsch-Asiatische Bank in Shanghai and Banca Commerciale Italiana in Milan, and in 1905 formed a close working relationship with J. P. Morgan & Co. for international financing and securities issuance. Cooperation with A. Schaaffhausen'scher Bankverein and other institutions supported business in the Middle East and South America. By the early twentieth century Dresdner Bank ranked among Germany's largest banks and was one of the institutions often described as a leading “D-bank.” The First World War interrupted some international operations, including the London branch, but the domestic branch network continued to grow. The global economic crisis and German banking crisis of 1931 transformed the institution. State authorities acquired a very large shareholding, and Dresdner Bank absorbed Danat-Bank and took control of other institutions in Germany, Austria, and the Ottoman successor markets. The bank was later reprivatized in stages during 1936–1937. The Nazi period represents the most compromised phase of the bank's history. After 1933, Dresdner Bank expelled its Jewish employees and directors and assisted in the removal of Jewish ownership from businesses. It became an important financial instrument of the Nazi state and maintained close links to the SS. Through subsidiaries and controlled banks, it expanded across Austria, Czechoslovakia, Poland, the Balkans, the Baltic region, Belgium, Bulgaria, Greece, Hungary, Romania, and elsewhere during the German occupation. These operations supported German economic exploitation and military objectives. Historical accounts also document the bank's involvement in financing concentration camps, including Auschwitz. Allied bombing and wartime destruction left approximately 80 percent of the bank's buildings damaged or destroyed. After the war, senior figures faced detention or prosecution. Karl Rasche, who had been a senior executive during the Nazi period, was tried at Nuremberg and sentenced to imprisonment. Dresdner Bank rebuilt its domestic operations and established Frankfurt as its postwar headquarters. Over subsequent decades it expanded its international branch network and entered markets in the United States, Canada, Singapore, Australia, Japan, Hong Kong, and China. The bank opened an office in Dresden on 2 January 1990 and participated in the reorganization of East German banking following monetary union. Dresdner Bank pursued a significant Central and Eastern European strategy with Banque Nationale de Paris. Beginning in Hungary in 1990, the partners established joint ventures in Czechoslovakia, Russia, Poland, Bulgaria, Croatia, and Romania. The alliance was reorganized after BNP merged with Paribas and was ultimately terminated in 2002. The regional subsidiaries were divided between the two banking groups or later sold to other owners. In investment banking, Dresdner Bank acquired Kleinwort Benson in 1995 and Wasserstein Perella Group in 2000. The resulting business operated under the Dresdner Kleinwort Wasserstein name before being shortened to Dresdner Kleinwort in 2006. Dresdner Bank became a wholly owned subsidiary of Allianz in 2002, but Allianz later sought an exit. Commerzbank announced its acquisition in August 2008, and the legal merger occurred on 11 May 2009. Dresdner Bank therefore ceased to exist as an independent bank, although portions of its business, staff, subsidiaries, and historical relationships continued within Commerzbank or other successor institutions.

1. 2009Legal merger with Commerzbank

   Dresdner Bank was legally merged into Commerzbank on 11 May and ceased to operate as an independent legal entity.

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2. 2008Commerzbank announces acquisition

   Commerzbank announced an agreement to acquire Dresdner Bank for approximately EUR 9.8 billion.

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3. 2002Dresdner Bank becomes an Allianz subsidiary

   Allianz completed the move to wholly own Dresdner Bank.

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4. 2000Wasserstein Perella is acquired

   The American investment bank Wasserstein Perella Group was acquired and incorporated into the bank's investment-banking platform.

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5. 1995Kleinwort Benson is acquired

   The acquisition strengthened Dresdner Bank's investment-banking operations and led to the Dresdner Kleinwort business.

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6. 1990Office opens in Dresden

   Dresdner Bank opened an office in Dresden on 2 January, one of the first such presences by a West German bank after the fall of the Berlin Wall.

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7. 1977Jürgen Ponto is killed by the RAF

   Chairman Jürgen Ponto died after being shot during an attempted kidnapping by the Red Army Faction.

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8. 1945Postwar reconstruction begins

   Wartime destruction had damaged approximately 80 percent of the bank's buildings, requiring extensive reconstruction.

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9. 1938Expansion into Austria and the Sudetenland

   Through Länderbank Wien and related entities, Dresdner Bank expanded into businesses affected by Nazi annexation and forced transactions.

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10. 1933Bank is purged and integrated into the Nazi economy

    Jewish employees and directors were dismissed, and the institution became involved in Aryanization and Nazi state finance.

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11. 1931State intervention during the banking crisis

    The German Reich and Deutsche Golddiskontbank acquired a controlling interest, and Dresdner Bank absorbed several distressed institutions.

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12. 1901London branch opens

    The bank expanded its international network with a London office.

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13. 1884Registered office moves to Berlin

    The Berlin branch had become more important than the nominal Dresden head office, prompting the transfer of the registered office.

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14. 1872Dresdner Bank is founded

    Bankhaus Kaskel was converted into Dresdner Bank on 12 November in Dresden, with Eugen Gutmann as chairman.

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A large German universal bank combining retail, corporate, international, and investment-banking activities. In its later years, the group emphasized corporate banking and capital-markets capabilities through Dresdner Kleinwort.

• Retail and private bankingBanking

  Dresdner Bank operated a broad German branch network serving individual customers and private clients. Its activities included deposit-taking, payments, lending, and other conventional banking services. The retail franchise was integrated into Commerzbank after the 2009 merger.

• Corporate and commercial bankingBanking

  Corporate banking was a core part of Dresdner Bank's universal-bank model. The business provided lending, trade finance, cash management, investment support, and international banking services to German and multinational companies.

• Dresdner KleinwortInvestment banking1995

  Dresdner Kleinwort was the bank's investment-banking platform, built substantially through the acquisition of Kleinwort Benson and Wasserstein Perella. It covered corporate finance, capital markets, advisory work, and related investment-banking services. The Wasserstein name was removed in 2006.

• International banking networkInternational banking

  The bank maintained branches, subsidiaries, and joint ventures across Europe and in markets including the United States, Canada, Singapore, Australia, Japan, Hong Kong, and China. These operations supported cross-border corporate finance, trade, and regional banking.

• Securities lending and transaction servicesSecurities services

  Dresdner Bank also operated securities-lending and transaction-banking activities. After the merger, Deutsche Bank announced that it would integrate the Dresdner Agency Security Lending business into its trust and securities services platform.

• 2008Agree to be acquired by CommerzbankM&A

  Allianz was seeking to dispose of Dresdner Bank after reported interest from potential buyers.

  What changed. Commerzbank announced an agreement to acquire Dresdner Bank for approximately EUR 9.8 billion.

  Aftermath. The transaction closed through a legal merger on 11 May 2009, eliminating Dresdner Bank as an independent bank.

  announced acquisition value. EUR 9.8 billion (2008 announcement)

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• 2002Become wholly owned by AllianzM&A

  Allianz had become a major shareholder and pursued closer integration of insurance and banking activities.

  What changed. Dresdner Bank became a wholly owned Allianz subsidiary.

  Aftermath. Allianz later explored a sale of the bank, ultimately leading to the Commerzbank transaction.

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• 2000Acquire Wasserstein PerellaM&A

  The bank continued expanding its American investment-banking capabilities.

  What changed. Dresdner Bank acquired Wasserstein Perella Group in New York and incorporated it into its investment-banking organization.

  Aftermath. The unit operated under the Dresdner Kleinwort Wasserstein name before the Wasserstein designation was dropped in 2006.

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• 1995Acquire Kleinwort BensonM&A

  Dresdner Bank sought to strengthen its international investment-banking business.

  What changed. The bank acquired Kleinwort Benson and used it as a foundation for Dresdner Kleinwort.

  Aftermath. Investment banking became a more prominent part of the group's business and identity.

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• 1884Move the registered office to BerlinStrategy

  The Berlin branch had grown more important than the original Dresden office.

  What changed. Dresdner Bank transferred its registered office to Berlin while retaining Dresden as the place of jurisdiction for many years.

  Aftermath. Berlin became the bank's principal headquarters until the postwar relocation to Frankfurt.

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• 2017Cum-ex tax investigation involving legacy Dresdner tradesControversy

  German prosecutors and other authorities investigated alleged tax evasion through dividend-stripping transactions. The inquiry included trades conducted at Dresdner Bank in 2008 before its absorption by Commerzbank.

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• 1941Financing and support for the Nazi occupation systemControversy

  Historical accounts describe Dresdner Bank as closely connected to the SS and involved in financing concentration camps, including Auschwitz, as well as economic exploitation in occupied Poland and elsewhere.

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• 1939Banking operations in occupied EuropeControversy

  Dresdner Bank and its subsidiaries expanded across territories occupied or controlled by Nazi Germany, taking over or controlling banks and directing resources toward the German war economy.

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• 1933Nazi-era purge and AryanizationControversy

  After the Nazi seizure of power, Dresdner Bank dismissed its Jewish employees and directors, removed its association with founder Eugen Gutmann, and participated in the forced transfer of Jewish businesses and assets.

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• 2009Dresdner Bank legally merges into Commerzbank

  The legal merger took effect on 11 May 2009, ending Dresdner Bank's independent corporate existence.

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• 2008Dresdner Bank is acquired by Commerzbank

  Commerzbank announced an agreement to acquire Dresdner Bank for approximately EUR 9.8 billion.

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1. Dresdner Bank