History of Commerzbank
The more than 150-year history of Commerzbank shows many aspects of Germany's economic and political development like a magnifying glass. What events have occurred along the way? What is the significance of the Bank's logo? Who have been its chairmen? We have addressed these and other questions in a number of historical articles, with details of bibliography and sources. For further details on Commerzbank's history, please contact our archive department in the corporate communications department.
Commerzbank cheque form, 1900-1920© Commerzbank
In 1870, a number of merchants, merchant bankers, and private bankers founded the Commerz- und Disconto-Bank in Hamburg. As of around 1900, its business focussed increasingly on Berlin. It became one of the country's leading big banks with an extensive branch network.
Milestones along the way include the merger in 1920 with the Mitteldeutsche Privat-Bank, a regional bank based in Magdeburg, and in 1929 with the Mitteldeutsche Creditbank based in Frankfurt/Main. In the wake of the crisis in the banking sector, the government ordered the merger of Commerzbank with the Barmer Bank-Verein Hinsberg, Fischer & Co. in Düsseldorf in early 1932. In 1940, the name Commerzbank Aktiengesellschaft, by which the bank was generally known, was officially adopted.
With the division of Europe after the war, Commerzbank lost some 45% of its premises. The process of decentralisation of the big banks in West German resulted in a breakdown into three regional banks, which were united in 1958 as "Commerzbank Aktiengesellschaft", which had its headquarters in Düsseldorf. Commerzbank stepped up its retail banking activities and built up a nationwide network. At around the same time, it started expanding around the globe. From 1970 onwards, the Bank's administrative activities were shifted to Frankfurt/Main, which has been its legal domicile since 1990.
© Eugen-Gutmann-Gesellschaft e. V.
Historical Society
The Eugen-Gutmann-Gesellschaft e.V. is the historical society of Commerzbank. As a non-profit association, it promotes public interest in the history of Commerzbank and Dresdner Bank as well as banking history in general.
Further information
Ship owner C. Woermann was the first chairman of the super-visory board of Commerz- und Disconto-Bank from 1870 to 1880.© Commerzbank
The new building designed by Martin Haller in the street Ness in Hamburg was opened in April 1874.© Commerzbank
Commerz- und Disconto-Bank share from 1905, converted to Reichsmarks© Commerzbank
The Brandenburg branch was opened in 1914.© Commerzbank
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1870
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On 26 February a number of merchants, merchant bankers and private bankers found the Commerz- und Disconto-Bank in Hamburg in the form of a joint-stock company. Companies involved include Conrad Hinrich Donner, Carl Geo. Heise, Hesse Newman & Co., Lieben Königswarter, Emile Nölting & Co., Wm. O'Swald, M. M. Warburg & Co., Theodor Wille, C. Woermann in Altona und Hamburg, Mendelssohn & Co. in Berlin, B. H. Goldschmidt in Frankfurt am Main and L. E. Amsinck & Co. in New York.
The bank becomes operative on 25 April, and its first balance sheet of 31 December that year reveals a total amount of 6.13 million banco marks (roughly 9.2 million marks). |
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1871
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The Hamburg-South American Steamship Company (Hamburg-Süd) is established in November, with Commerz- und Disconto-Bank as one of the founder members.
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1873
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The London and Hanseatic Bank in London is opened. Commerz- und Disconto-Bank holds more than half of the nominal capital of £666,000. This stake is maintained until the First World War.
No dividend is paid, owing to the economic crisis occurring after the creation of the German Reich. |
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1878
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Commerz- und Disconto-Bank issues its first bond, the 5 % Göteborg municipal bond.
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1881
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German and Austrian banks establish Nationalbank für Deutschland in Berlin. Commerz- und Disconto-Bank takes over 10 % of equity capital (= 4 million marks).
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1893
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Commerz- und Disconto-Bank forms part of consortium to restructure Schuckert & Co. as Elektrizitäts-Aktiengesellschaft vorm. Schuckert & Co., Nuremberg.
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1894
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Helps establish Hamburgische Electricitäts-Werke, Hamburg.
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1897
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Takes over Frankfurt bank J. Dreyfus & Co. including its Berlin branch, and continues to run it as branches. As of 1898 "in Hamburg" is dropped from the bank's name.
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1899
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Bank's first deposit branch opened in Berlin in April, centrally located in Jerusalemer Strasse leading from Hausvogteiplatz.
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1900
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Commerz- und Disconto-Bank starts establishing deposit branches in Hamburg, the first in St. Pauli.
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1904
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Frankfurt branch renamed J. Dreyfus & Co. on 1 January, and Commerz- und Disconto-Bank's limited partnership holding of 3 million marks ends as agreed in 1908.
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1905
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Berliner Bank taken over, to which end Commerz- und Disconto-Bank raises its capital by 35 million to 85 million marks. The former Berliner Bank premises on the corner of Behrenstrasse 46/Charlottenstrasse 47 become the bank's new headquarters. By the time of the First World War, the network of deposit branches in Berlin has risen to 44.
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1917 - 1923
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Some 40 banks taken over and a number of branches opened, including some in Bremen, Danzig, Dortmund, Essen, Frankfurt am Main, Cologne and Munich.
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1920
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Merger with Mitteldeutsche Privat-Bank in Magdeburg. In June, Commerz- und Disconto-Bank raises its capital by 115 million marks to 200 million; 60 million of this are used to acquire Mitteldeutsche Privat-Bank shares on a 1:1 basis. The merger increases the number of outlets by almost 100 to 284, mainly in Saxony-Anhalt, Saxony and Thuringia. In order to underline the significance of the move, the bank changes its name to Commerz- und Privat-Bank.
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1923
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Commerz- und Privat-Bank acquires stakes in N.V. Hugo Kaufmann & Co.'s Bank in Amsterdam and the Rigaer Internationale Bank in Riga.
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© Eugen-Gutmann-Gesellschaft e. V.
Historical Society
The Eugen-Gutmann-Gesellschaft e.V. is the historical society of Commerzbank. As a non-profit association, they promote public interest in the history of Commerzbank and Dresdner Bank as well as banking history in general.
Further information
Berlin headquarters, ca. 1937© Commerzbank
Commerz- und Privat-Bank seal from the 1920s© Commerzbank
The name 'Commerzbank Aktiengesellschaft' was adopted in 1940.© Commerzbank
Dortmund bank premises damaged during the war, ca. 1945© Commerzbank
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1924
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Once hyperinflation has been overcome, the banks have to submit an opening balance sheet in goldmarks on 1 January. Commerz- und Privat-Bank values its previous capital of 700 million marks at 42 million gold marks, and forms reserves of 21 million gold marks. It also calls in preference shares to the value of 100 million marks. These had been issued in 1922 to ward off a hostile take-over.
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1927
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Business with the US increases, and in February a New York representative office is opened. In October, Commerz- und Privat-Bank issues a ten-year, $20-million-dollar bond.
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1928
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Together with the Chase Securities Corporation and bankers Halsey, Stuart & Co. in New York, Commerz- und Privat-Bank founds the General Mortgage and Credit Corporation with $5 million capital, to provide long-term loans to medium-sized German companies.
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1929
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Two big banks merge: Commerz- und Privat-Bank and Mitteldeutsche Creditbank, Frankfurt am Main. To this end, Commerz- und Privat-Bank raises its capital from 60 to 75 million Reichsmarks, and Mitteldeutsche Creditbank shares are acquired on a 1:1 basis. Commerz- und Privat-Bank acquires a number of major bank premises, including some in Essen and Frankfurt am Main. The branch network is extended to places such as Baden-Baden, Hanau, Wetzlar and Wiesbaden.
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1931
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German economy badly hit by banking crisis triggered when on 13 July the Darmstädter und Nationalbank has to close and the government orders all banks to close down for two days.
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1932
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After complex negotiations, the government decides in February that Danat-Bank and Dresdner Bank will merge, likewise Commerz- und Privat-Bank and Barmer Bank-Verein. Capital restructuring results in the government and the Reichsbank holding a 70% stake in Commerz- und Privat-Bank.
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1936/1937
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A consortium headed by by bankers Delbrück, Schickler & Co. places these shares with private investors once more.
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1939-1945
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During the Second World War, Commerz- und Privat-Bank opens its own branches in German-occupied areas and establishes a number of subsidiaries, including the Hansabank AG in Riga and Reval (1941), the Rijnsche Handelsbank N.V. in Amsterdam (1941) and the Hansabank N.V., Brussels (1942).
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1940
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Commerz- und Privat-Bank assumes the name by which it is generally known, Commerzbank Aktiengesellschaft.
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1942/1943
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Banks are ordered by the Reichsbank to merge their branches in many places. In the case of Commerzbank, the number of branches drops from 359 in 1940 to 260 in 1944.
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1945
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The bank's headquarters move to Hamburg before the end of the war. The 93 outlets in East Berlin and the Soviet-occupied zone are expropriated without any compensation being paid.
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© Eugen-Gutmann-Gesellschaft e. V.
Historical Society
The Eugen-Gutmann-Gesellschaft e.V. is the historical society of Commerzbank. As a non-profit association, they promote public interest in the history of Commerzbank and Dresdner Bank as well as banking history in general.
Further information
As of the late 50s, Commerzbank offered small loans for the ordinary customer.© Commerzbank
50 D-mark share, 1967© Commerzbank
International bases in 1969© Commerzbank
Volkswagen AG privatised around 1960, giving the general public access to its shares© Commerzbank
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1947/148
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The military governments in the Allied zone decentralise the big banks, and the former Commerzbank now consists of nine branch groups with no clear legal status, supervised by official administrators.
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1949
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In Berlin, Bankhaus Holbeck KG, the forerunner of Berliner Commerzbank AG, starts operating.
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1951
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Commerzbank branch group acquires stake in ADIG Allgemeine Deutsche Investment Gesellschaft mbH, Munich.
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1952
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Legislation passed on 29 March on areas in which banks were allowed to establish branches permits establishment of three successor bodies:
- Bankverein Westdeutschland AG (as of 1956 Commerzbank-Bankverein AG), Düsseldorf - Commerz- und Disconto-Bank AG, Hamburg - Commerz- und Credit-Bank AG, Frankfurt am Main The Commerzbank group is active in establishing the export credit company Ausfuhr-Kredit AG (AKA), now the AKA Ausfuhrkredit-Gesellschaft mbH. |
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1952/55
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First post-war foreign representative offices opened in Amsterdam, Madrid and Rio de Janeiro.
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1956
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The Bank für Teilzahlungskredit (BTK) GmbH is founded as a subsidiary in Düsseldorf.
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1958
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Düsseldorf branch of the three post-war institutions takes over the other two on 30 June to form Commerzbank AG. On 31 December, the bank's balance-sheet total amounts to DM5.6bn, and its equity capital DM253 million.
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1959
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The big banks step up retail business and offer small-scale loans to the public in general, initially up to DM2,000 for a maximum period of 24 months.
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1962
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Commerzbank is listed on the London Stock Exchange, the bank's first listing abroad.
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1964
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A 15% stake acquired in the holding company Société Financière pour les Pays d'Outre Mer (SFOM), which is active in Africa.
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1965
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Commerzbank has over a million customers.
Employee shares offered for the first time. |
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1967
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First group accounts drawn up, with a balance-sheet total of DM13.9bn and equity capital of DM605m.
Commerzbank is one of the founder members of the International Commercial Bank Ltd. in London, it opens a representative office in New York and acquires a share in Korea Exchange Bank, Seoul. |
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1967/68
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Opens 175 domestic outlets, a record number.
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1968
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In agreement with the rest of the banking sector, Commerzbank introduces a cheque guarantee card, and the euro-cheque is born.
Stakes acquired in Rifbank in Beirut and Banco de Investimento do Brasil in Rio de Janeiro. |
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1969
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Commerz- und Industrie-Leasing GmbH (CIL) and Commerzbank Fonds-Verwaltungsgesellschaft mbH (Cofo) founded in Düsseldorf (industrial leasing and fund management companies).
Commerzbank International S.A. (CISAL) established in Luxembourg. Co-founder of the Commercial Bank of Dubai. |
© Eugen-Gutmann-Gesellschaft e. V.
Historical Society
The Eugen-Gutmann-Gesellschaft e.V. is the historical society of Commerzbank. As a non-profit association, they promote public interest in the history of Commerzbank and Dresdner Bank as well as banking history in general.
Further information
New York branch opened in 1971, the first German operational bank outlet in the US© Commerzbank
Commerzbank introduced four winds logo in 1972.© Commerzbank
Frankfurt headquarters building, designed by Richard Heil, was completed in 1974.© Commerzbank
Sun advertising campaign started in 1984.© Commerzbank
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1970
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Process of centralising headquarters in Frankfurt am Main begins.
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1970/71
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Streamlining in mortgage banking: Commerzbank acquires majority holdings of the Rheinische Hypothekenbank, Mannheim, and the Westdeutsche Bodenkreditanstalt, Cologne. The two merge in 1974.
Down a new road in Europe: Commerzbank, Crédit Lyonnais and Banco di Roma sign cooperation agreements to form the Europartners group. |
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1971
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New York representative office converted into a branch, the first operative unit of a German bank in the US.
Commerzbank share traded on Paris stock exchange. |
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1972
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Commerzbank introduces its four winds logo as part of a European cooperation campaign between banks.
Number of customers rises to two million. Stock-exchange listing in Vienna. |
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1973
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Branch opened in London.
Commerzbank helps found the Europartners Bank (Nederland) N.V. in Amsterdam and holds a 60% stake. Listed on stock exchange in Belgium and Switzerland. Banco Hispano Americano, Madrid, joins the Europartners group. |
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1974
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New headquarters building in Frankfurt am Main completed.
Commerzbank and Crédit Lyonnais branches in Saarland merged to form Commerz-Credit-Bank Aktiengesellschaft Europartner. Branch opened in Chicago. Commerzbank share traded in Luxembourg and Amsterdam. |
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1975
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Training centre opened in Glashütten near Frankfurt.
First bearer bonds issued. |
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1976
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Commerzbank acquires a 50% holding in Deutsche Gesellschaft für Immobilien- und Anlage-Leasing mbH (DIL), Düsseldorf.
Branch opened in Paris. |
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1977
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Advertising slogan 'Commerzbank. Die Bank an Ihrer Seite' launched.
Domestic branch network restructured to form 40 main administrative units. Branches opened in Brussels and Tokyo. |
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1978
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Branch opened in Antwerp.
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1979
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Branch opened in Hong Kong and agency in Atlanta.
Subsidiary Commerzbank (South East Asia) Ltd. (COSEA), Singapore, starts operations. Commerzbank a founder-member of Korea International Merchant Bank, Seoul. |
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1980
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Involved in nationwide introduction of viewdata system.
Branch opened in Madrid. |
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1980/82
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High interest rates prompt Commerzbank not to pay a dividend.
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1981
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Commerzbank joins in inter-bank pilot project in Berlin and introduces first ATMs.
Branch opened in Barcelona. |
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1983
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First German bank to offer corporate customers a world-wide cash management information system, known initially as ComCash and subsequently COBRA.
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1984
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New technical centre opened in Frankfurt am Main.
Europartners Bank (Nederland) N.V. in Amsterdam acquired as full subsidiary, known as Commerzbank (Nederland) N.V. Acquisition of a 10% stake in Banco Hispano Americano, Madrid. Start of 'sun' advertising campaign. |
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1985
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Commerzbank issues first profit-sharing certificates.
Commerzbank (Schweiz) AG established in Zurich; branch established in Geneva in 1988. Branch opened in Los Angeles and Commerzbank U.S. Finance Inc., founded in Wilmington, Delaware. |
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1986
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Commerz International Capital Management GmbH (CICM) and Commerz-Beteiligungsgesellschaft mbH founded in Frankfurt am Main as part of the bank's investment banking development.
Stock-exchange listing in Tokyo. |
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1987
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Commerzbank and four other German banks establish the international cash-management system WORLD-CASH.
Commerzbank Fonds-Verwaltungsgesellschaft mbH becomes Commerzbank Investment Management Gesellschaft mbH. Commerz Unternehmensbeteiligungs-Aktiengesellschaft founded in Frankfurt am Main, and Commerz Securities (Japan) Company Ltd., in Hong Kong and Tokyo. |
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1988
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Allfinanz alliance established (one-stop finance), with Commerzbank acquiring 40 % of Leonberger Bausparkasse AG.
ADIG-Investment Luxemburg S.A. founded in Luxembourg, Commerzbank with a 37.5% holding. EuroPartners Securities Corporation in New York, a Commerzbank holding since 1971, becomes a full subsidiary renamed Commerzbank Capital Markets Corporation. Following restructuring of the Brazilian Unibanco group, Commerzbank acquires a 10 % stake. |
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1989
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Commerzbank has over three million customers with more than six million accounts.
Starts marketing its COMMERZBANK EUROCARD and COMMERZBANK EUROCARD GOLD. Cooperation agreement with DBV + Partner Versicherungen, Wiesbaden. Acquires 25% share in management consultants Baumgartner und Partner. The new CICM (Ireland) Ltd., Dublin, launches individual investment funds in accordance with Irish law. Holding in Deutsche Schiffsbank AG, Bremen/Hamburg, acquired. |
© Eugen-Gutmann-Gesellschaft e. V.
Historical Society
The Eugen-Gutmann-Gesellschaft e.V. is the historical society of Commerzbank. As a non-profit association, they promote public interest in the history of Commerzbank and Dresdner Bank as well as banking history in general.
Further information
The new Frankfurt headquarters building, designed by Sir Norman Foster and built from 1994 to 1997© Commerzbank
Haus der Commerzbank at Pariser Platz 1, Berlin© Commerzbank
German foreign minister Hans-Dietrich Genscher opened the first branch in the former German Democratic Republic on 30. June 1990 in Halle.© Commerzbank
Commerzbank took over Dresdner Bank in 2008/09.© Commerzbank
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1990
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1991
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1992
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1993
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1994
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1995
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1996
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1997
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1998
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1999
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2000
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2001
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2002
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2003
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2004
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2005
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2006
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2007
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2008
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2009
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2010
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2011
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2012
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2013
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2014
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2015
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2016
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2017
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2018
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2019
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2020
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2021
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2022
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2023
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© Eugen-Gutmann-Gesellschaft e. V.
Historical Society
The Eugen-Gutmann-Gesellschaft e.V. is the historical society of Commerzbank. As a non-profit association, they promote public interest in the history of Commerzbank and Dresdner Bank as well as banking history in general.
