Brunswick Bank

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Former seat of the bank at Bankplatz

The Brunswick Bank was a bank in the legal form of a joint stock company with headquarters in Braunschweig . It was founded in 1852 and went 1920 through merger of Deutsche Bank on.

history

Duke Wilhelm of Braunschweig

The Brunswick Duke Wilhelm approved the establishment of the bank in 1853 "at the request of the merchants' association here". The purpose of the approval document is to stimulate monetary transactions, to increase trade and factory activity, as well as agriculture and trade. The prerequisite for starting business operations was the subscription of a share capital of 2 million thalers, of which 20% had to be paid up. The Braunschweig government arranged for the Herzogliche Leihhaus-Anstalt , the later Braunschweigische Staatsbank , to invest 500,000 thalers in the share capital. The Berlin bank Mendelssohn & Co. was also involved in the establishment. The organs of the company were the board of directors, the management and the general assembly. In addition, there was a government commissioner through whom the ducal state government exercised “the ongoing supervision of the bank”. In 1853, Friedrich Louis Simon built a brick building in the arched Schinkel style as the seat of the institute on Bankplatz in Braunschweig . The higher regional court of Braunschweig is located in the building today .

Central bank privilege

The Braunschweigische Bank was - similar to the Hannoversche Bank founded in 1856 - a slip or private bank with the right to issue its own banknotes . Their circulation rose from around 1.2 million to around 4.5 million talers between 1854 and 1874. With the establishment of the empire in 1871, the member states of the empire lost their legislative rights for the monetary system. The existing central banks retained the right to issue banknotes to the extent specified in the Annex to Section 9 of the Banking Act of March 14, 1875. A maximum amount of banknotes with a value of 2,829,000 marks was planned for the Braunschweigische Bank (for comparison: Reichsbank 250 million marks). The circulation, which in 1874 still amounted to 4.5 million thalers (= 13.5 million marks), was drastically reduced. The banknote privilege was also restricted by the fact that the banknotes could no longer be used for payment outside the Duchy of Braunschweig (Section 43 of the Banking Act). In addition, the Reichspost, for example, did not accept the notes, the Reichsbank did not discount bills of exchange and did not collect any bills that contained the giro of the Braunschweigische Bank. The banknote privilege originally granted for 99 years expired in 1906 when the bank renounced it.

Branches and holdings

The bank set up branches in Bremen and Hamburg as early as 1856; the former was closed in 1863, the latter in 1866. In the same year the bank acquired a stake in Ed. Frege & Co. KG in Hamburg. In 1871 she founded the Braunschweigische Creditanstalt in order to be able to conduct credit business, which she was not allowed to do as a central bank. In 1905 it merged with this subsidiary and since then has operated as Braunschweigische Bank und Kreditanstalt AG. In 1920 their independence ended through the merger with Deutsche Bank, also in this respect a parallel to the Hannoversche Bank.

literature

  • Braunschweigische Bank und Kreditanstalt AG (Ed.): 75 years of Braunschweigische Bank und Kreditanstalt Aktiengesellschaft. Braunschweig 1928.
  • Articles of association for the Braunschweigische Bank's stock corporation approved by Sr. Highness the Duke of Braunschweig. Second impression. Vieweg, Braunschweig 1857. ( online )

Individual evidence

  1. ^ Certificate of approval dated May 11, 1853, countersigned by August von Geyso. ( Memento of April 14, 2014 in the Internet Archive ) Retrieved October 12, 2013.
  2. ↑ Erich Achterberg: Braunschweigische Staatsbank. Orphanage printing house, Braunschweig 1965, p. 105, OCLC 14974649 .
  3. ↑ SBB PK, music department, MA Nachl, 5, X.
  4. ^ A b Heinz Fengler: History of the German central banks before the introduction of the mark currency. Gietl Verlag, Regenstauf 1992, ISBN 3-924861-05-6 , p. 112.
  5. ^ Banking Act of March 14, 1875 on Wikisource .
  6. ↑ According to Achterberg, the circulation before the banking reform was effectively 9.87 million marks. Erich Achterberg: Braunschweigische Staatsbank. P. 126.

Coordinates: 52 ° 15 ′ 39.5 ″  N , 10 ° 31 ′ 5 ″  E