Merck Finck private bankers
| Merck Finck Privatbankiers AG | |
|---|---|
|
|
| Country |
 Germany
|
| Seat | Pacellistraße 16 80333 Munich |
| legal form | AG |
| Bank code | 700 304 00 |
| BIC | MEFI DEMM XXX |
| founding | July 1, 1870 |
| Website | www.merckfinck.de |
| Business data 2018 | |
| Total assets | 1,316.5 million euros |
| insoles | 1,132.0 million euros |
| Customer credit | 191.6 million euros |
| Employee | 265 |
| management | |
| Board | Thomas Rodermann (Chairman) Olivier Kuetgens |
| Supervisory board | Georg Freiherr von Boeselager (Chairman) |
The private bank Merck Finck , founded in 1870 , is based in Munich and is also represented with a total of 16 locations nationwide. It has been a subsidiary of the Luxembourg bank KBL European Private Bankers (KLB) since 2011 , which renamed Quintet Private Bank in January 2020 .
history
Merck Finck was founded under the company Merck, Christian & Co on July 1, 1870 by Adolf Karl Ludwig Christian and the banker Heinrich Johann Merck . The limited partners were the Darmstädter Bank for Trade and Industry and the entrepreneur Theodor von Cramer-Klett . Together with his brother August, who replaced the resigning general partner Christian, the previous authorized signatory Wilhelm Finck held a large part of the bank's assets as early as 1879. As part of this change, the bank changed its name to Merck Finck & Co to.
The bank's core business was corporate finance and corporate bond issuance. The bank was involved in the establishment of companies such as Süddeutsche Bodencreditbank AG (1871), Brauerei Bürgerliches Brauhaus München (1880), Isarwerke GmbH (1894) and Münchener Trambahn-AG . In 1890 Merck Finck subscribed almost 40% of the share capital of Allianz Versicherungs-AG . With the investments, Wilhelm Finck, as a representative of the bank, often also took on a supervisory board mandate and thus brought his economic expertise to a wide variety of companies.
His work was honored in 1905 with the appointment to the Imperial Council of the Crown of Bavaria . This also brought the family to the hereditary nobility.
After the bank had developed positively over the turn of the century in the deposit , loan and securities business, the First World War interrupted the upswing. The capital market was heavily regulated. The period of inflation after the end of the war also prevented further expansion. Despite falling income, the bank was able to continue its operations without outside support.
Another turning point was the death of Wilhelm von Finck in 1924. His almost 100% stake in the bank was passed on in equal parts to his son August von Finck senior and his daughters Margarete von Stengel and Elisabeth Winterstein. The death of Wilhelm von Finck and the takeover of banking by his son ushered in a new era. Merck Finck & Co was heavily involved in the establishment of aircraft construction and aviation companies: with Udet-Flugzeugbau GmbH , a predecessor of today's DASA , and the Süddeutsche Aero Lloyd AG , a predecessor of Lufthansa , important industry pioneers emerged in Germany.
The Great Depression placed further restrictions on banking from 1929 onwards. Nevertheless, it was possible to participate in the United Workshops for Art in Crafts , in the Sektkellerei J. Oppmann and in the Society for Market and Cooling Halls in Hamburg.
After Austria was annexed to the German Reich in 1938, Merck Finck & Co seized the opportunity to establish the Viennese private bank SM v. To take over Rothschild . This highly renowned Austrian private bank, owned by Louis Nathaniel von Rothschild , had controlled the Österreichische Creditanstalt until 1931 . From July 1938 it was administered provisionally by Merck Finck & Co, in 1940 by the newly founded bank E. v. Nicolai Aryanized - Merck Finck & Co held a 71% stake and Deutsche Industrie-Bank (Düsseldorf) had a 19% stake. Louis Nathaniel von Rothschild got the remaining values back after the Second World War, but decided not to rebuild his bank. In the course of the Aryanization of Jewish assets, Merck Finck & Co also took over the Berlin branch of the renowned private bank J. Dreyfus & Co. with all its activities in March 1938 . Its shareholder Paul Wallich was the head of the Berlin branch and was forced to liquidate the bank by May 1938. Without a livelihood, he committed suicide six months later, the day after the November pogroms .
After the activities in the time of National Socialism, the Merck Finck & Co bank was completely paralyzed in the post-war years, not least due to the involvement of the owners and executives in Nazi economic policy. Merck Finck & Co was only able to resume business operations in the newly built bank building in 1949. The bank was now particularly heavily involved in securities. With the support of August von Finck junior and later Wilhelm Winterstein , August von Finck senior managed to re-enter the banking market. In the following years the bank expanded by establishing new branches outside of Bavaria. Bankhaus Waldthausen & Co. was founded in 1954 together with the family of the steel industrialist Fritz von Waldthausen . Merck Finck & Co took over the business of the Alwin Steffan bank from Frankfurt am Main, with which it had been connected for a long time, when the senior partner died in 1963.
Surprisingly, August von Finck junior sold the bank in October 1990 to the British Barclays Bank Plc for around DM 600 million . The tax reforms of the previous years had to uncover and realize the hidden reserves built up over generations. In order to pay the taxes due, parts of the 100-year-old share portfolio were even sold. The Barclays branches in Hamburg, Stuttgart and Berlin were renamed branches of Merck Finck & Co. Since the broad retail banking of the new parent company could not be reconciled with the private banking firmly implemented in the bank, Barclays Bank sold Merck Finck in 1999 to KBL European Private Bankers (KBL epb), to which it has belonged ever since.
In 2002 Merck Finck acquired the German private banking unit of WestLB , and in 2005 the private banking division of Westfalenbank was acquired .
In May 2010, the Indian investment company Hinduja Group announced that it would take over KBL European Private Bankers' division from Belgian KBC for EUR 1.35 billion. On March 16, 2011, however, it became known that the Luxembourg financial supervisory authority, Commission de Surveillance du Secteur Financier (CSSF), refused to approve the sale. Merck Finck thus remained in the possession of the Belgian financial group KBC. In October 2011 it became known that the Belgian KBC Group was selling its KBL European Private Bankers division for EUR 1.05 billion to a Luxembourg holding company called Precision Capital , which is backed by private individuals from Qatar . These belong to the Al-Thani family , who have shaped Qatar's political life for around 200 years. The purchase was completed in July 2012. The KBL Group also includes the French Richelieu Banque Privée , Brown Shipley & Co in Great Britain and Theodoor Gilissen Bankiers in the Netherlands. In September 2016, the private bank Merck Finck & Co changed its legal form from an oHG to an AG .
In January 2020, KBL European Private Bank changed its name to Quintet Private Bank and Merck Fink has since had the addition of “ A Quintet Private Bank ”.
executive Director
- 1879–1924 Wilhelm von Finck
- 1924–1980 August von Finck senior
- 1980–1991 August von Finck junior
- 1991–1995 Wilhelm Winterstein
- 1995–2002 Gerd Schmitz-Morkramer
- 2002–2010 Alexander Mettenheimer
- 2010–2015 Michael Krume and Georg Freiherr von Boeselager
- 2015–2016 Michael Krume, Thilo H. Wendenburg, Georg Freiherr von Boeselager, Udo Kröger, Joachim Gorny
- 2016–2017 Michael Krume, Udo Kröger, Joachim Gorny
- since 2017 Matthias Schellenberg, Michael Krume
- since 2018 Matthias Schellenberg, Michael Krume, Olivier Kuetgens
- since 2020 Matthias Schellenberg, Olivier Kuetgens
- since June 2020 Thomas Rodermann, Olivier Kuetgens
Chairman of the Supervisory Board
- since 2016 Georg Freiherr von Boeselager
Business activity
The focus of business activity is on advising and managing large and large assets with a private and / or entrepreneurial background. There are currently 149 consultants working in the bank.
The offer ranges from strategic asset planning and asset management to advice on asset and corporate succession, family offices and foundation advice.
This Luxembourg parent company KBL epb enables the bank to initiate and carry out cross-border transactions throughout the euro area.
KBL European Private Bankers includes private banks from Belgium , Switzerland , Great Britain , the Netherlands and the Grand Duchy of Luxembourg .
Shareholders
Merck Finck Privatbankiers AG is wholly owned by the European private banking group Quintet, which in turn is owned by private investors through the holding company “Precision Capital”.
Locations
.jpg)
Merck Finck Privatbankiers is represented in 15 locations across Germany. In addition to the head office in Munich, the private bankers are present in a wide network throughout the republic.
- 1870: Munich
- 1954: Düsseldorf
- 1963: Frankfurt am Main
- 1992: Berlin, Hamburg, Stuttgart
- 2002: Cologne, Münster
- 2004: Grünwald
- 2005: Rottweil
- 2006: Augsburg, Lingen
- 2007: Aachen, Ingolstadt
- 2008: Essen, Koblenz
MF Foundation
Merck Finck set up the Merck Finck Foundation to get involved with customers for selected funding purposes. The aim of the foundation is to support society in Germany in the further development of important future fields. The focus is on the following topics:
- education and parenting
- Youth and elderly care
- Science and Research
- Arts and Culture
- Nature and environmental protection
- Public healthcare system
- Monument protection and preservation
criticism
The weekly magazine Der Spiegel reported in May 2014 that the advisor for large winners of the West German Lottery (Westlotto) had conspicuously often referred winners of large sums of money to Merck Finck & Co in order to invest the money over the long term. The article says that lottery winners were often badly advised and that investment forms such as ship funds and open-ended real estate funds often led to losses. Westlotto denies that the employee would have had financial benefits from the placement.
In April 2014, the bank was convicted of providing incorrect advice to lottery winners in one case . A couple had won more than six million euros at Westlotto and invested it with Merck Finck & Co. The bank convinced the couple to invest in so-called closed funds, which turned out to be unsafe, so that the couple lost a large part of the lottery winnings. The Münster district court found that the advice was wrong and sentenced the bank to pay 510,000 euros to the couple.
literature
- Bernhard Hoffmann: Wilhelm von Finck 1848-1924. Life picture of a German banker. CH Beck, Munich 1953.
- Hans Pohl: 1870–1995. 125 years of history of a private bank. Munich 1995.
- Georg Siebert: 1870–1970. 100 years of Merck Finck & Co Munich 1970.
- Peter Melichar : Reorganization in the banking sector. The Nazi measures and the problem of restitution. (= Publications of the Austrian Commission of Historians , Volume 11.) Oldenbourg, Vienna / Munich 2004, ISBN 3-486-56773-X , pages 391-408. (Case presentation by SM v. Rothschild with sources and further literature)
Web links
- www.merckfinck.de - Website Merck Finck Privatbankiers AG
- Merck Finck Privatbankiers in the BaFin corporate database
Individual evidence
- ↑ a b Master data of the credit institute at the Deutsche Bundesbank
- ↑ Annual financial statements of Merck Finck Privatbankiers AG as of December 31, 2018 in the eBundesanzeiger
- ↑ Map with the locations ( Memento from April 11, 2015 in the Internet Archive ) (PDF; 77 kB)
- ↑ The company history of Merck Finck & Co, Privatbankiers ( Memento from March 24, 2012 in the Internet Archive ; PDF; 848 kB)
- ^ Ingo Köhler: The "Aryanization" of the private banks in the Third Reich (= series of publications for the journal for corporate history , volume 14). 2nd Edition. 2008, p. 305 ff.
- ↑ Mismanagement as a trademark . Spiegel Online , July 15, 2001.
- ↑ New plans for Merck Finck. The Munich private bank could go public. (No longer available online.) In: faz.net . March 30, 2011, archived from the original on November 10, 2012 ; accessed on April 23, 2015 .
- ↑ Bavarian Private Bank. Sheikh from Qatar takes over Merck Finck. In: Spiegel Online . August 1, 2012, accessed September 18, 2014 .
- ↑ Private bank Merck Finck is going to Qatar for the second time
- ↑ Qatar buys KBL for one billion euros
- ↑ a b Jürgen Dahlkamp, Gunther Latsch, Jörg Schmitt: The unholy alliance . In: Der Spiegel . No. 22 , 2014, p. 30-33 ( online ).
- ↑ Lottery winners also win against the bank. (No longer available online.) In: Westdeutscher Rundfunk. April 24, 2014, archived from the original on November 29, 2014 ; accessed on May 30, 2014 : “The Münster Regional Court awarded the plaintiffs EUR 510,000 plus interest. The couple had won more than six million euros in the lottery - but lost most of the money when they invested the money. It was badly advised by the bank after the judgment. "
Coordinates: 48 ° 8 ′ 27.6 ″ N , 11 ° 34 ′ 11.1 ″ E