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Dresdner Bank facts for kids

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Dresdner Bank AG was one of Germany's largest banking corporations and was based in Frankfurt. It was formed in 1872, and bought by competitor Commerzbank in December 2009.

History

Dresdner Bank was established in 1872. It moved its headquarters to Berlin in 1884, although its registered office stayed in Dresden until 1950.

By 1900, Dresdner Bank had the largest German branch network. During the First World War, the London branch was forced to close; however, the overall branch network expanded.

After the banking crisis in 1931 the Weimar Republic owned 66% Dresdner Bank shares. Its deputy director was Dr Schacht, Minister of Economy under Nazism. The Bank was reprivatised in 1937.

During World War II, Dresdner Bank controlled various banks in countries under German occupation.

The introduction of the Deutsche Mark in 1948 helped return banking to normality.

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 East Germany in Dresden in 2 January 1990.

In 2002 Dresdner Bank became a wholly owned subsidiary of the insurance corporation Allianz. Allianz sold Dresdner Bank, which was legally merged with Commerzbank on 11 May 2009 and ceased to be an independent company.

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