DZ Bank

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DZ Bank AG
Deutsche Zentral-Genossenschaftsbank,
Frankfurt am Main
logo
Country GermanyGermany Germany
Seat Frankfurt am Main , Germany
legal form Corporation
Bank code 500 604 00
BIC GENO DEFF XXX
founding 2001
Website www.dzbank.de
Business data 12/2019Template: Infobox credit institute / maintenance / data out of date
Total assets 559.4 billion euros
Employee 30,825
management
Board Uwe Fröhlich (Co-Chairman)
Cornelius Riese (Co-Chairman)
Uwe Berghaus
Christian Brauckmann
Ulrike Brouzi
Wolfgang Köhler
Michael Speth
Thomas Ullrich
Supervisory board Henning Deneke-Jöhrens (Chairman)
List of cooperative banks in Germany

The DZ Bank AG German Central Cooperative Bank, Frankfurt am Main (proper spelling DZ BANK ), headquartered in Frankfurt am Main is within the cooperative financial sector as the central institution for around 850 German cooperative banks responsible. In addition, DZ Bank is a commercial bank for corporate customers as well as for institutional clients from Germany and abroad. On August 1, 2016, it merged with the Düsseldorf- based WGZ Bank , previously the central bank for around 200 Volksbanks and Raiffeisenbanks in the Rhineland and Westphalia . According to the list of the largest banks for 2018, DZ Bank is the second largest bank in Germany in terms of total assets .

history

Former Preußenkasse at the Zeughaus in Berlin (front left)
Memorial plaque on the house, Am Zeughaus 2, in Berlin-Mitte

DZ Bank's roots go back to 1883. At that time, the Hessian loan associations created their own regional central bank with the Darmstadt Agricultural Cooperative Bank. The institute, which was founded as a stock corporation, ensured a liquidity balance among the rural credit unions . The agricultural cooperative bank was succeeded by the Landesbauernkasse Rhein-Main-Neckar, Frankfurt am Main, in 1913. In addition to the Landesbauernkasse Rhein-Main-Neckar, further regional central cooperative banks emerged in southwest Germany around or after the turn of the century.

Parallel to the establishment of the Agricultural Cooperative Bank, the Prussian Central Cooperative Fund (Preußenkasse) was set up as an institution under public law with its headquarters in Berlin on the initiative of the Prussian Finance Minister Johannes von Miquel . The Preußenkasse was the central institute for numerous regional cooperative central banks that had been established in the southeast and east, in the middle and in the north of Germany. The new bank enabled these regional association funds to invest excess liquidity at reasonable interest rates or to raise additional funds at moderate interest rates. In 1928 the lawyer Otto Klepper took over from the hapless Carl Semper the presidency of the Preußenkasse, which had got into a crisis in 1927. With the help of the Free State of Prussia and the German Reich, he restructured the cash register. When Klepper became Prussian Minister of Finance on November 7, 1931 , Hans Helfrich succeeded him in the presidential chair. In expansion of its business area, the Preußenkasse was renamed the Deutsche Zentralgenossenschaftskasse (Deutschlandkasse) in 1932. After the Second World War , the institute in Frankfurt am Main was rebuilt as the Deutsche Genossenschaftskasse (DGK) and renamed DG Bank Deutsche Genossenschaftsbank in 1975.

In the 1980s, DG Bank merged with various regional central banks. Central cooperative banks in southwest Germany and in Frankfurt also merged between 1970 and 1978 to form Südwestdeutsche Genossenschafts-Zentralbank AG, Frankfurt (SGZ-Bank) and GZB-Bank Genossenschaftliche Zentralbank AG, Stuttgart.

DG Bank was privatized in 1998 under the direction of Bernd Thiemann on the basis of the DG Bank Transformation Act and converted into a stock corporation. The SGZ-Bank and the GZB-Bank merged in 2000 to form GZ-Bank AG, Frankfurt / Stuttgart. In 2001 DG Bank merged with GZ Bank to form today's DZ Bank.

Merger with WGZ Bank

On November 19, 2015, DZ Bank and WGZ Bank announced the merger of the two institutions in order to complete the decades-long consolidation process in the area of ​​the central institutions of the cooperative banks. This was preceded by several failed merger attempts by the last two central banks of the cooperative finance group. Reasons for this were u. a. changed economic conditions, such as the effects of the financial crisis in 2008.

In the merger agreement signed by the boards of both central banks on April 12, 2016, it is emphasized that the unified central bank will build on the "successful business policy orientation of DZ Bank and WGZ Bank in recent years and that the group business with the offer of subsidiary products and services for the Further expanding local cooperative banks ”. At the beginning of May 2016, the supervisory boards voted unanimously for the merger. On 21/22 June 2016, the shareholders of both institutes voted for the merger at the respective general meetings. The unified central bank is based in Frankfurt am Main and offers the cooperative banks uniform and comprehensive support. The main locations of the combined central bank are Düsseldorf and Frankfurt. The start date for the new central bank was August 1, 2016.

Business activity

Westendstrasse 1 , headquarters of DZ Bank

The bank is the central institution of all around 850 German Volksbanks, Raiffeisenbanks, Sparda banks , PSD banks and other cooperative banks with their 10,500 branches. In this function, DZ Bank supports the cooperative banks with services such as liquidity balancing and the provision of refinancing funds as well as numerous modern banking products.

In addition to its function as the leading institution in the cooperative banking sector, DZ Bank is also a commercial bank for corporate customers and institutional clients from Germany and abroad. Here DZ Bank offers investment banking, risk management products, (re) financing, structured financing, corporate finance and research. In addition, the bank acts as a holding company for affiliated companies of the DZ Bank Group (own name of the DZ BANK Group ). The most important holdings in specialist institutions include Bausparkasse Schwäbisch Hall , DG Hyp Deutsche Genossenschafts-Hypothekenbank , DZ Privatbank SA in Luxembourg, VR Leasing AG as well as R + V Versicherung , the Teambank , which sells the easycredit product , and the Union Asset management . The processing of the securities business for the credit unions is carried out by the investment dwpbank German securities service bank . Through its stake in VR Payment GmbH, DZ Bank supports the credit unions in the processing of credit card business and electronic payments.

The bank's head office in Frankfurt am Main is the 208-meter high-rise Westendstrasse 1 , built by the architects' firm Kohn Pedersen Fox Associates from 1990 to 1993 - because of the halo that protrudes almost 20 meters above the floor plan, also called the crown high-rise , Am Pariser Platz in Berlin is a branch just a few streets away from the former location of the Prussian Central Cooperative Fund. The DZ-Bank building on Pariser Platz , which was built from 1996 to 2001 and designed by the architect Frank O. Gehry , has a futuristic spatial sculpture inside and a fish-like vaulted glass roof. In addition to various locations in Germany, DZ Bank also has branches in New York , London , Singapore and Hong Kong .

DZ Bank owns one of the most important collections of contemporary artistic photography , comprising over 6000 works by more than 550 artists. She opens her DZ BANK art collection to the public in the DZ Bank Art Foyer , which offers regular tours, and in external exhibitions .

The DZ Bank Foundation promotes science, research and teaching at universities and colleges, as well as research projects and outstanding academic work that is directly related to banking or cooperatives.

Employee representation

Since privatization in 1998, DZ Bank has an overall works council and local councils, previously staff councils . In 2010, the Frankfurt works council published the call from the Platz der Republik - Lessons from the banking crisis with suggestions for preventing another banking crisis.

Legal dispute with Kaupthing Bank after its insolvency

The following important information is missing from this article or section:
Status / conclusion of the legal dispute after 3 years - Sascha-Wagner ( discussion ) 11:55 am, April 9, 2012 (CEST)
Help Wikipedia by researching and pasting it .

DZ Bank was the clearing bank of the Icelandic Kaupthing Bank until October 2008 . In her role as account-operating institute of Kaupthing Edge Germany distrained they October 8, 2008, before the moratorium of BaFin , EUR 55 million balance on the clearing account to their own assets to use. There is different information about the legal status of money. Because of this seizure, DZ Bank is in a legal dispute with Kaupthing Bank.

Major holdings

DZ Bank's other investments are mentioned in the current annual report.

Shareholders

On December 31, 2019, DZ Bank AG had share capital of EUR 4,926 million. This is divided between the following shareholders:

  • Cooperative banks (direct and indirect) 94.7%
  • Other cooperative and other companies 5.3%

Key figures

DZ Bank Group 2011 2012 2013 2014 2015 2016 2017 2018 2019
Balance sheet total (billion euros) 405,926 407.236 385,398 402,543 408,341 509,447 505,594 518.7 559.4
Number of employees 27,828 28,227 28,962 29,596 30,029 29,341 30,279 30,732 30,825

literature

  • Arnd Holger Kluge: History of the German banking cooperatives . (= Series of publications by the Institute for Bank History Research . Vol. 17). Knapp, Frankfurt am Main 1991, ISBN 3-7819-0492-X (plus dissertation, University of Bonn).
  • Timothy Guinnane, Stephan Paul , Theresia Theurl , Harald Wixforth, Joachim Scholtyseck , Patrick Bormann: The history of DZ BANK. Cooperative central banking from the 19th century to the present day. CH Beck Verlag Munich 2013, ISBN 978-3-406-64063-6 .

Web links

Individual evidence

  1. ↑ a b Master data of the credit institute at the Deutsche Bundesbank
  2. ↑ a b c d e f g h i j k l m n o p q Annual Report 2019 DZ Bank Group. Retrieved June 18, 2020.
  3. ↑ Third largest bank in Germany: DZ Bank and WGZ Bank merge . Spiegel Online , June 22, 2016.
  4. ^ Ulrich Soénius: On behalf of the Reich Ministry of Economics: Rudolf Siedersleben. In Peter Danylow / Ulrich S. Soénius (eds.): Otto Wolff. A company between business and politics . Siedler-Verlag, Munich 2005, ISBN 3-88680-804-1 . P. 248ff.
  5. ↑ DG Bank Transformation Act
  6. ↑ DZ BANK and WGZ BANK are tackling the merger . Press release on the DZ Bank website, November 19, 2015. Accessed November 19, 2015.
  7. ↑ Lessons learned from the banking crisis. Call from Platz der Republik  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. . Hessen State District of the United Service Union (Verdi) , November 3, 2010, accessed on March 28, 2013.@1@ 2Template: Toter Link / hessen.verdi.de  
  8. ↑ Bankers demand lessons from the financial crisis . In: Frankfurter Allgemeine Zeitung , November 4, 2010.
  9. ↑ Financial Times Germany: Krisland: Kaupthing customers receive money back. ( Memento from July 31, 2012 in the web archive archive.today )
  10. ↑ Financial crisis: Icelandic communication chaos horrifies German Kaupthing customers . spiegel.de. Retrieved July 30, 2009.
  11. ↑ Bafin lifts the ban. Kaupthing customers can breathe a sigh of relief. FAZ
  12. ↑ Krisland: Kaupthing customers receive money back. ( Memento from July 31, 2012 in the web archive archive.today ) Financial Times Deutschland
  13. ↑ Shareholders as of December 31, 2019
  14. ↑ a b DZ BANK Group - Online Annual Report 2019. Accessed June 18, 2020 .

Coordinates: 50 ° 6 ′ 39.3 "  N , 8 ° 40 ′ 55.7"  E