Word: commerzbank
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Dates: during 1970-1979
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Lying in the vault were about 50 Ibs. of paper money from the Commerzbank of Frankfurt to the Chase Manhattan Bank. It was a treasure far bigger than the $2.78 million taken in the Brink's holdup of 1950, bigger even than the $4.3 million Purolator heist in 1974 in Chicago. The Lufthansa bandits' haul: about $5 million in American dollars, nearly $1 million in jewelry, as well as an undetermined amount of foreign currency...
...former panzer officer with a doctorate in law, Krackow has worked for the Commerzbank, one of Germany's Big Three, and for British Investment Banker Siegmund Warburg. After shifting into industry, he became a successful doctor of ailing companies. Vogelsang recruited him four years ago to take charge of Krupp's weakest branch, its money-losing shipbuilding subsidiary, A.G. Weser. Under Krackow's management, the number of man-hours needed to produce a supertanker was cut by one-third, and Weser swung round from a loss of $8.5 million in 1968 to a profit of $4.7 million...
...finds time to be a banker. As managing director of Crédit Lyonnais, the eighth largest bank in the world (assets: $15.7 billion), Saint-Geours is a proponent of the European movement toward multinational banking consortiums. The bank's two-year-old union with Germany's Commerzbank and Italy's Banco di Roma to form the CCB group is one of at least seven major liaisons; their main purpose is to provide big, convenient pools of capital in different currencies to help international firms expand. The CCB group commands assets of nearly $31 billion...
...leading European banks took their places on gilded Louis XV chairs at an oblong marble table in an 18th century Baroque palace. Each man in turn signed a document. Then the trio toasted the occasion in Moët & Chandon champagne-as well they might. Credit Lyonnais of France, Commerzbank of Germany and Banco di Roma of Italy had just joined in a unique accord that one executive described as having "all the advantages of a merger without its inconveniences." The signing brought into being a financial powerhouse with $18 billion in deposits, 3,000 branches and 60,000 employees...
...regard it as an important trend setter. U.S. banks have won much business in the Market, and the entry of Britain would open the Continent wider to the City of London's powerful banks. Europeans see multinational combines as the logical way to compete. Leaders of Lyonnais and Commerzbank say that their association is open to other partners, and some bankers predict that Dutch, Belgian and Italian banks may join...