|
|
|
|
|
CommerzbankCommerzbank is a German bank. History Founded in Hamburg On 26 February 1870, Commerz- und Disconto-Bank was founded in Hamburg, predominatly by Hanseatic merchants, merchant bankers and private bankers. In 1873 a subsidiary was established, the London and Hanseatic Bank. This continued to operate until the outbreak of the First World War. In 1897, outlets were established in Frankfurt am Main and Berlin. After taking over Berliner Bank in 1905, Commerz- und Disconto-Bank made the capital city rather than Hamburg the focal point of its activities. Within a few years, it had become one of the leading German banks. Expansion during the twenties and 1931 banking crisis During the early twenties, Commerz- und Disconto-Bank expanded rapidly, taking over a number of other banks and opening new branches. The most important of these mergers was with the Magdeburg-based Mitteldeutsche Privat-Bank in 1920, a step which led to the name being changed to Commerz- und Privat-Bank. In 1929, it merged with Mitteldeutsche Creditbank, a major bank domiciled in Frankfurt am Main. Following the banking crisis in 1931, the German government ordered a merger with Barmer Bank-Verein. Name changed to Commerzbank Aktiengesellschaft During the German banking crisis, the German state acquired a majority holding in Commerz- und Privat-Bank. These shares were transferred to private investors again by 1937. Only a few years later, in early 1940, the bank assumed the name of Commerzbank Aktiengesellschaft, by which it was already generally known. During the Second World War, Commerzbank established only a few outlets and subsidiaries in the German-occupied territories. After 1945, the bank lost roughly 45% of its branch network, mainly in the Soviet-occupied zone and the then German Democratic Republic. Strong growth in the fifties and sixties In West Germany, the Allied Forces ordered the big banks to be broken down into smaller units in 1947/48. In 1958, the various units which had previously constituted Commerzbank reunited to form one unit. The German economic revival, the so-called economic miracle, resulted in strong growth in the banking sector, too. And like other leading banks, Commerzbank began to develop its retail banking services. Global network established In the fifties, Commerzbank opened a number of representative offices abroad, followed in the sixties and subsequent decades by various subsidiaries and branches. In 1969, for example, Commerzbank International S.A. was founded in Luxembourg. The New York branch, set up in 1971, was the first to be established by a German bank in the US. Through its foreign branches, Group companies, representative offices and major holdings abroad, Commerzbank maintains a global distribution network, with a clear focus on its home market, Europe. It currently has a direct presence in 43 countries. External links
|
 |
|
| Copyright 2005-2009 OnPedia.com. All Rights Reserved |
|
|