WGZ Bank

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  WGZ Bank AG West German cooperative central bank
logo
Country GermanyGermany Germany
Seat Dusseldorf
legal form Corporation
Bank code 300 600 10
BIC GENO DEDD XXX
founding 1884 (predecessor institute)
resolution 29th July 2016
Website www.wgzbank.de
management
Board Hans-Bernd Wolberg (Chairman);
Uwe Berghaus,
Christian Brauckmann,
Karl-Heinz Moll,
Michael Speth
Supervisory board Werner Böhnke (Chairman)

The WGZ Bank AG West German cooperative central bank (short WGZ Bank ; own spelling WGZ BANK ), headquartered in Dusseldorf was until its merger with the DZ Bank on 29 July 2016, the Central Bank of the approximately 200 cooperative banks in Rhineland and in Westphalia . It had branches in Koblenz and Münster . According to the statutes, the purpose of the WGZ Bank was the economic promotion and strengthening of its member banks. As member banks, the Volksbanken and Raiffeisenbanken were both the main customer group and the main shareholders of WGZ Bank.

In addition to its function as central bank, WGZ Bank was a commercial and commercial bank for corporate customers and capital market partners. It was a traditional financing partner for medium-sized businesses in North Rhine-Westphalia.

In 2015, the WGZ Bank Group achieved a balance sheet total of around EUR 89.8 billion, of which WGZ Bank AG Westdeutsche Genossenschafts-Zentralbank accounted for EUR 47.8 billion.

On November 19, 2015, WGZ Bank and DZ Bank announced the merger of the two institutes, which was resolved at the annual general meetings on June 21 and 22, 2016. The merger was legally completed with the entry in the commercial register on July 29, 2016.

WGZ Bank was part of the cooperative finance group , which included around 1,100 Volks- and Raiffeisenbanken, two central banks (WGZ and DZ Bank ), affiliated companies and special institutions with around 190,000 employees. She was a member of the Rheinisch-Westfälischer Genossenschaftsverband (RWGV) , from which mostly its own members come.

history

The history of the WGZ Bank was shaped by the origins and guiding principles of the cooperative system, which go back to Friedrich Wilhelm Raiffeisen and Hermann Schulze-Delitzsch .

In 1866, the Prussian Rhine Province already had the first rural credit cooperatives for customers from agriculture and trade. It was important for Raiffeisen to offer the small savings and loan associations, which are seasonally stressed by agriculture, joint support from a strong central bank. Schulze-Delitzsch also later decided to set up a central refinancing institute due to temporary financing problems at the Volksbanks, which was supposed to help the local credit cooperatives through phases of tension and take on joint tasks. The first central banks with regional responsibility emerged as early as the second half of the nineteenth century.

The path to the WGZ Bank as the central institute of the Volksbanks and Raiffeisenbanks in Westphalia and the former Prussian Rhine Province was quite tangled. In addition to the Ländliche Centralkasse, Münster, the Genossenschaftliche Zentralbank Rheinland, Cologne (founded in 1892), and the Zentralkasse Westdeutscher Volksbanken, Münster / Cologne (founded in 1897), there were around a dozen other ancestors of the WGZ Bank. While there used to be mergers in the Rhineland, the two banks in Münster only merged with the Genossenschaftliche Zentralbank Rheinland in Cologne in 1970 to form Westdeutsche Genossenschafts-Zentralbank eG.

In 1999 the WGZ Bank repositioned itself under the motto "WGZ Bank - The Initiative Bank". The customer magazine Initiativbanking was also launched as part of the repositioning . On August 30, 2005, with the change of the company logo, the appearance of the Volksbanken and Raiffeisenbanken followed.

The long-standing talks about a merger between WGZ Bank and its sister institution DZ Bank were intensified again in September 2006, but were broken off again at the end of 2006.

Talks with DZ Bank were resumed in 2008 and a letter of intent was drawn up by both institutes according to which WGZ Bank should be merged with DZ Bank retrospectively from January 1, 2009 by early summer 2009. On April 1, 2009, both institutes announced that they would no longer pursue their merger talks. The reason for this was that despite an intensive and thorough due diligence phase, the WGZ shareholders did not consider any valuation risks of DZ Bank to be adequately considered.

In 2011, the group subsidiary WGZ Bank Luxembourg SA was merged with DZ Privatbank , which belongs to DZ Bank and which also took over the private banking business in Düsseldorf in 2012 .

On November 19, 2015, WGZ Bank and DZ Bank announced that the merger would take place on August 1, 2016. On 21/22 June 2016, the shareholders of both institutes approved the merger at the respective general meetings. The approval in each case was over 99 percent of the capital. The merger was legally completed with the entry in the commercial register on July 29, 2016. The new institute operates as “DZ Bank. Die Initiativbank ”and started on August 1, 2016. It is thus the central institute for a good 1,000 Volks- and Raiffeisenbanks.

Key figures

WGZ Bank 2009 2010 2011 2012 2013 2014 2015
Balance sheet total (billion €) 47 47 51 52 51.4 48.3 47.8
Number of employees 1,111 1,135 1,186 1,186 1,226 1,242 1,278

Shareholder structure

The member banks had largely bundled their shares in WGZ Bank in WGZ Beteiligungs GmbH & Co. KG. The purpose of the holding company was limited to the administration and acquisition of WGZ Bank shares. It is obliged to support its shareholders, the member banks, and to support the WGZ Bank in fulfilling its statutory duties.

subsidiary company

WGZ Immobilien + Treuhand

WGZ Immobilien + Treuhand GmbH, based in Münster and Koblenz, is now a subsidiary of DZ Bank, Frankfurt.

The business areas of WGZ Immobilien + Treuhand GmbH include building land development and property valuation.

WL Bank

The WL Bank , based in Munster, Dusseldorf and Berlin provides long-term real estate loans for predominantly residential real objects. It also provides refinancing funds for the cooperative financial group through Pfandbrief issues.

WGZ Bank Ireland

The main activities of WGZ Bank Ireland focused on securing the medium to long-term refinancing of the cooperative banks located in the business area of ​​WGZ Bank, the participation in the international syndicated loan business and the securities business.

Domestic holdings

Foreign participations

Web links

Individual evidence

  1. ↑ a b Master data of the credit institute at the Deutsche Bundesbank
  2. ↑ Third largest bank in Germany: DZ Bank and WGZ Bank merge . Spiegel Online , June 22, 2016.
  3. ↑ DZ Bank and WGZ Bank are currently not pursuing the merger . Press release on the DZ Bank website, April 1, 2009. Accessed November 19, 2015.
  4. ↑ DZ Privatbank: Press release: Merger of DZ Privatbank SA with WGZ Bank Luxembourg SA (PDF 57.5kb) (No longer available online.) June 9, 2011, archived from the original on April 23, 2015 ; Retrieved March 5, 2012 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.dz-privatbank.com
  5. ↑ DZ Bank and WGZ Bank are tackling the merger . Press release on the DZ Bank website, November 19, 2015. Accessed November 19, 2015.
  6. ↑ a b c d WGZ Bank Annual Report 2010 (PDF; 5.5 MB)
  7. ↑ a b WGZ Bank Financial Report 2015

Coordinates: 51 ° 13 ′ 10.4 "  N , 6 ° 47 ′ 51.3"  E