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Banking Sector Germany

1 HISTORY GERMAN BANKIN INDUSTRY

The development of the German banking industry is closely related to Germany’s history and its evolving industry. The development of the banking sector was a respond to the industrialization and the accompanying financial needs.

Until 1870 the banking sector was dominated by private bankers and influential “banking families”. Some of them are still known today, such as Sal. Oppenheim jr. & Cie.

The privat bankers were financed only by equity capital. However as the industrialization went on and the need for money and financing constantly grew, this solely equity was not sufficient anymore to finance the occurring capital intensive industries. In response of that the private bank Abraham Schaaffhausen was transformed into the first incorporated bank on August 28, 1984. Following this example more and more incorporated banks occurred, especially in the area of the Rheinland where the capital intensive industry was very active. Still......


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Approximate Word Count: 1090
Approximate Pages: 5 (250 words per double-spaced page)

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