Dresdner Bank

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Dresdner Bank

 

(Bank of Dresden), the second largest commercial bank in the Federal Republic of Germany. It is one of the “big three” among the West German banks, the so-called Grossbanken, along with the Deutsche Bank and the Commerz Bank.

The Dresdner Bank was founded in Dresden in 1872 with a capital stock of 9.6 million marks and has since absorbed dozens of other banks. During the world economic crisis of 1929-33, the bank was near bankruptcy but withstood the crisis with the help of the government, became stronger, and absorbed the big Danatbank (Darmstadt National Bank). The Dresdner Bank advanced large credits to the fascist government and actively participated in the plunder of industrial enterprises and banks in occupied countries. After World War II it was restored with the direct assistance of the Western occupying powers, In 1947-48, 11 successor banks were set up in West Germany, one in each Land, on the basis of branches of the Dresdner Bank, and the former proprietors of the Dresdner Bank became the heads of these 11 banks. In 1949 a commercial and industrial bank was set up on the basis of the Berlin branch of the Dresdner Bank. In 1952 the whole territory of the Federal Republic of Germany was divided into three banking regions, the north, west, and south, and three banks were set up in place of the former 11. In 1956 the Dresdner Bank was fully restored through a merger of these banks and took its former name. The Dresdner Bank is linked through interlocking directorates with representatives of West German finance capital such as Flick and Siemens. Its main office is in Frankfurt-am-Main.

In 1970 the Dresdner Bank had over 750 branches, as well as representatives in Britain, the USA, France, Japan, Spain, Turkey, the Arab Republic of Egypt, and Lebanon. The Deutsche Suedamerikanische Bank (German-South American Bank) represents the bank in Argentina, Brazil, Peru, Mexico, Venezuela, and other Latin American countries. The capital stock of the Dresdner Bank rose from 220 million marks in 1961 to 400 million marks in 1970. From early 1961 to late 1970 the bank’s balance total rose from 8 billion marks to 28 billion marks, deposits rose from 7 billion marks to 25.9 billion marks, and discounts and loans rose from 4.6 billion marks to 23.8 billion marks.

M. IU. BORTNIK

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