Dresdner Kleinwort
Dresdner Kleinwort ( DKIB ) was the brand under which Dresdner Bank AG operated its investment banking immediately before the takeover by Commerzbank AG. Previous brands in this business were Dresdner Kleinwort Benson (DKB) from 1995 to 2001 and Dresdner Kleinwort Wasserstein (DrKW) from 2001 to 2006.
The Dresdner Kleinwort brand was lost in January 2009 as a result of the takeover of Dresdner Bank AG by Commerzbank AG. At that time, the new owner decided to restructure the investment banking division of Dresdner Bank AG. The aim was to better concentrate on the German corporate and institutional customers.
The Dresdner Kleinwort subsidiaries in Japan and Brazil were to be closed or sold at the decision of the new management. As early as the first half of 2009, the bank largely withdrew from the brokerage business in Great Britain. The integration of the remaining business areas into the Corporates & Markets Division of Commerzbank should be completed by the end of 2009.
With headquarters in London and Frankfurt am Main as well as branches in internationally important financial centers such as New York , Paris , Tokyo , Singapore and Shanghai , Dresdner Kleinwort was represented in 16 countries. Until recently, a total of around 6000 people were employed worldwide.
The investment banking division that emerged in 1995 from the takeover of the British investment bank Kleinwort Benson by the Dresdner Bank has always had a very good market position in the City of London and also achieved an improved position through the takeover of the American investment bank Wasserstein Perella in 2001 (by Bruce Wasserstein ) in international business.
Chief Executive Officer (CEO) from January 2009 was Michael Reuther, who replaced the previous CEO Stefan Jentzsch, who moved from Bayerische Hypo- und Vereinsbank to the Board of Directors of Dresdner Bank in December 2005, where he was responsible for the Global Banking & Investment division Banking was responsible.
From 2006 on, Dresdner Kleinwort sponsored a triathlon team around two-time Ironman World Champion Normann Stadler . Dresdner Kleinwort has sponsored the Frankfurt Marathon in recent years and was also the main sponsor of the German triathlon team of the same name. This sponsorship is to be continued for the Commerzbank brand in the future.
history
- In 1995 Dresdner Bank bought the traditional British investment bank Kleinwort Benson in order to continue operating it under the name Dresdner Kleinwort Benson . On January 4, 2001, Dresdner Kleinwort Benson was merged with the US investment bank Wasserstein Perella to form Dresdner Kleinwort Wasserstein .
- On July 23, 2001, the Dresdner Bank and Dresdner Kleinwort Wasserstein were taken over by Allianz AG . After differences with the Allianz board of directors, Wasserstein Perella founder Bruce Wasserstein left the bank on November 16, 2001 to work for competitor Lazard as CEO.
- On November 24, 2005 the Supervisory Board of Dresdner Bank decided to merge the investment bank with the corporate customer department to form Corporate & Investment Banking .
- In spring 2006, the Board of Management of Dresdner Bank decided to change the name of the investment bank activities to Dresdner Kleinwort with effect from June 29, 2006 .
- In 2008, as a result of the sustained high losses at Dresdner Bank, for which the business activities of Dresdner Kleinwort were particularly responsible, Allianz AG sold Dresdner Bank including Dresdner Kleinwort to the rival Commerzbank.
- In 2009 the new owner, Commerzbank, restructured the investment banking activities of Dresdner Kleinwort.
- On September 1, 2009, the Dresdner Kleinwort brand was replaced by the Commerzbank brand and thus the complete integration into the Corporates & Markets Division of Commerzbank was completed.
- At the end of 2009, Commerzbank gave u. a. Under pressure from the EU competition watchdog, part of the former Dresdner Kleinwort, the British bank Kleinwort Benson , which specializes in wealthy private customers , is transferred to the financial investor RHJ International. After buying BHF-Bank in 2014, the financial investor changed its name to BHF Kleinwort Benson Group .