Dresdner Bank was a major German banking institution founded in 1872, which grew to become one of Germany's largest banks before being acquired by Commerzbank in 2009. Its history spans key events such as rapid expansion in the late 19th century, involvement in both World Wars, post-war reconstruction, international expansion, and a series of mergers and acquisitions.
Chronological Storyline (38 Milestones)
Nov 12, 1872 CE
Foundation of Dresdner Bank
Dresdner Bank was founded in Dresden, Germany, with initial capital of 9.6 million marks, aiming to provide commercial banking services. The founding shareholders included prominent Saxon industrialists and financiers. #finance #history
Foundation of Dresdner Bank By Unknown author - This image was provided to Wikimedia Commons by the German Federal Archive (Deutsches Bundesarchiv) as part of a cooperation project. The German Federal Archive guarantees an authentic representation only using the originals (negative and/or positive), resp. the digitalization of the originals as provided by the Digital Image Archive., CC BY-SA 3.0 de, https://commons.wikimedia.org/w/index.php?curid=5434090
1881 CE
Opening of Berlin Branch
Dresdner Bank opened a branch in Berlin, expanding its presence beyond Saxony. This move was crucial for competing with other major German banks and gaining access to the capital market. #banking #expansion
1884 CE
Acquisition of Berliner Bank
Dresdner Bank acquired Berliner Bank, significantly strengthening its position in Berlin and gaining a larger customer base. This merger marked the first major consolidation step. #merger #acquisition
1889 CE
Move of Headquarters to Berlin
Dresdner Bank moved its headquarters from Dresden to Berlin, reflecting the bank's national ambitions and closer ties to the financial center. #corporate #relocation
1892 CE
Entry into International Banking
Dresdner Bank established its first foreign branch in London, marking the start of international operations. It also began financing German foreign trade. #international #banking
1895 CE
Founding of Deutsche Überseeische Bank
Dresdner Bank co-founded the Deutsche Überseeische Bank (German Overseas Bank) to expand into Latin America and Asia. This subsidiary played a key role in financing German exports. #overseas #expansion
1900 CE
Acquisition of Schleswig-Holsteinische Bank
Acquisition of Schleswig-Holsteinische Bank in Kiel, extending the bank's network in northern Germany. This was part of a strategy to consolidate regional banks. #regional #consolidation
1904 CE
Partnership with AEG
Dresdner Bank formed a close relationship with the electrical company AEG, providing financing for its industrial projects. This partnership exemplified the bank's focus on industrial financing. #industry #finance
1914 CE
Impact of World War I
World War I disrupted Dresdner Bank's international operations, as branches in enemy countries were seized. The bank shifted focus to financing war bonds and supporting the German war economy. #war #finance
1924 CE
Hyperinflation and Restructuring
Following the hyperinflation crisis, Dresdner Bank underwent restructuring and recapitalization. It merged with several regional banks to strengthen its balance sheet. #crisis #restructuring
1925 CE
Acquisition of Danatbank
Dresdner Bank acquired the troubled Danatbank (Darmstädter und Nationalbank) during the banking crisis, becoming the second-largest bank in Germany. This merger was pivotal in the bank's growth. #merger #banking
1931 CE
Nationalization during Banking Crisis
During the Great Depression, Dresdner Bank was nationalized, with the German government acquiring a majority stake to prevent collapse. The state became a major shareholder. #nationalization #crisis
1937 CE
Role in Nazi Regime
Dresdner Bank became deeply involved in the Nazi regime, financing arms production and handling accounts of confiscated Jewish property. It also took part in 'Aryanization' processes. #ww2 #ethics
1945 CE
Post-WWII Disruption and Division
After WWII, Dresdner Bank's branches in East Germany were expropriated. The bank's headquarters in Berlin were destroyed, and it had to rebuild from its remaining Western branches. #postwar #reconstruction
1952 CE
Restructuring into Regional Banks
Under Allied pressure, Dresdner Bank was split into three regional successor banks: Rhein-Ruhr Bank, Hamburg-Bremer Bank, and Rhein-Main Bank. This decentralization aimed to reduce concentration. #decentralization #banking
1957 CE
Reunification as Dresdner Bank AG
The three regional banks were merged back into a single entity, Dresdner Bank AG, headquartered in Frankfurt am Main. This reunification marked the bank's return as a national player. #reunification #corporate
1960 CE
First Issuance of Own Shares
Dresdner Bank listed its shares on the Frankfurt Stock Exchange, allowing public trading. This move provided capital for expansion and increased transparency. #ipo #stockmarket
1966 CE
International Expansion into Asia
Dresdner Bank opened a representative office in Tokyo, its first in Asia, to tap into Japan's growing economy. This was part of a broader internationalization strategy. #asia #expansion
1970 CE
Introduction of First German Credit Card
Dresdner Bank launched the 'Eurocard' credit card in Germany, becoming a pioneer in consumer finance. This innovation expanded the bank's retail banking offerings. #innovation #retail
1973 CE
Acquisition of Deutsch-Südamerikanische Bank
Dresdner Bank acquired the German South American Bank, strengthening its presence in Latin America. This acquisition supported trade finance for German exporters. #acquisition #latinamerica
1974 CE
Establishment of Dresdner Bank Investment Banking
Dresdner Bank formalized its investment banking division, aiming to compete with international players. It began underwriting and advisory services. #investmentbanking #strategy
1980 CE
Founding of Dresdner Bank Luxembourg
A subsidiary in Luxembourg was established to tap into the Eurocurrency market and offer offshore banking services. This boosted the bank's international funding capabilities. #luxembourg #finance
1985 CE
Entry into US Market via New York Branch
Dresdner Bank opened a full-service branch in New York City, focusing on corporate banking and trade finance. This marked a significant step into the US market. #usa #expansion
1990 CE
Reunification of East and West Germany
Following German reunification, Dresdner Bank expanded into East Germany, acquiring branches and forming joint ventures. It became a key bank in the new federal states. #reunification #germany
1994 CE
Acquisition of Kleinwort Benson
Dresdner Bank acquired the British merchant bank Kleinwort Benson for £1 billion, expanding into investment banking in the UK. This was a bold move to rival global investment banks. #acquisition #investmentbanking
1995 CE
Merger with BfG Bank
Dresdner Bank merged with BfG Bank (Bank für Gemeinwirtschaft), creating the third-largest bank in Germany. The merger added a strong retail network. #merger #retail
1997 CE
Launch of Online Banking Services
Dresdner Bank introduced 'Dresdner Direkt' online banking, becoming one of the first German banks to offer internet banking. This innovation catered to the growing digital customer base. #digital #banking
1999 CE
Acquisition of Wasserstein Perella & Co.
Dresdner Bank acquired the US investment bank Wasserstein Perella for $1.6 billion, aiming to boost its M&A advisory capabilities. However, integration proved challenging. #m&a #us
2000 CE
Formation of Allianz Dresdner Beteiligungs- und Managementgesellschaft
Dresdner Bank sold a majority stake to Allianz, forming an insurance-banking alliance. Allianz became the largest shareholder, aiming to create a financial conglomerate. #alliance #insurance
Jul 1, 2001 CE
Allianz Acquires Dresdner Bank
Allianz AG completed the full acquisition of Dresdner Bank for approximately €24 billion, making it a wholly owned subsidiary. The merger aimed to integrate banking and insurance services. #acquisition #allianz
2002 CE
Integration Challenges and Write-downs
The integration of Dresdner Bank into Allianz faced significant difficulties, leading to massive write-downs and losses. The investment banking unit Dresdner Kleinwort Wasserstein incurred heavy losses. #integration #losses
2003 CE
Restructuring and Job Cuts
Dresdner Bank announced major restructuring, cutting over 10,000 jobs to reduce costs. The bank retreated from some international markets to focus on core German operations. #restructuring #layoffs
2005 CE
Sale of Dresdner Kleinwort Wasserstein to Commerzbank Rumored
Amid persistent losses, rumors circulated that Allianz might sell the investment banking arm. However, no deal materialized at that time. #rumors #investmentbanking
2007 CE
Sale of Dresdner Bank's Investment Banking Unit to Commerzbank
Allianz sold Dresdner Bank's investment banking operations (Dresdner Kleinwort) to Commerzbank for around €400 million. The deal marked a retreat from investment banking. #sale #divestment
Nov 13, 2008 CE
Commerzbank Acquires Dresdner Bank
Commerzbank announced the acquisition of Dresdner Bank from Allianz for €5.2 billion, creating the second-largest bank in Germany by assets. The deal was completed in early 2009. #acquisition #commerzbank
May 15, 2009 CE
Completion of Merger with Commerzbank
The merger between Commerzbank and Dresdner Bank was legally completed. Dresdner Bank ceased to exist as an independent entity, with its brand phased out over time. #merger #end
2010 CE
Integration into Commerzbank Brand
Commerzbank completed the integration of Dresdner Bank branches, systems, and customers. The Dresdner Bank brand was fully retired, with all operations rebranded under Commerzbank. #rebranding #integration
2012 CE
Final Settlement of Dresdner Bank Legacy Issues
Commerzbank settled remaining legal disputes and legacy assets from Dresdner Bank, including those related to Nazi-era claims and financial crisis liabilities. #legacy #legal
