Dresdner Bank facts for kids
Dresdner Bank AG was one of the biggest banks in Germany. It was located in Frankfurt. The bank started in 1872. A competing bank, Commerzbank, bought Dresdner Bank in December 2009.
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History of Dresdner Bank
Dresdner Bank began its operations in 1872. In 1884, it moved its main office to Berlin. However, its official registration stayed in Dresden until 1950.
Growth and World Wars
By 1900, Dresdner Bank had the largest network of branches in Germany. During the First World War, its branch in London had to close. Even so, the bank's overall network of branches actually grew.
After a big banking crisis in 1931, the German government at the time, called the Weimar Republic, owned 66% of Dresdner Bank's shares. A person named Dr. Schacht, who was a minister under Nazism, was a deputy director at the bank. The bank became private again in 1937.
During World War II, Dresdner Bank took control of various banks in countries that Germany had occupied.
Post-War Recovery and Expansion
In 1948, a new German currency called the Deutsche Mark was introduced. This helped banking return to normal after the war.
Dresdner Bank grew its network by buying other companies and opening new offices. It expanded not only in Europe but also in places like the United States, Singapore, Canada, Australia, Japan, Hong Kong, and China. Dresdner Bank was the first bank to open its own office in former East Germany on January 2, 1990. This new office was in Dresden.
Merger with Commerzbank
In 2002, Dresdner Bank became fully owned by a large insurance company called Allianz. Later, Allianz sold Dresdner Bank. On May 11, 2009, Dresdner Bank officially joined with Commerzbank. After this, it was no longer an independent company.
Images for kids
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Former Dresdner Bank head office on the Bebelplatz in Berlin (1889-1945), later Deutsche Notenbank (1953-1968) and Staatsbank der DDR (1968-1990), and a luxury hotel since 2006
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The Gallileo building in Frankfurt, completed in 2003, was part of the head office of Dresdner Bank until the 2009 merger
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See also
In Spanish: Dresdner Bank para niños
