Word: dresdner
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From his base in Frankfurt, Jürgen Ponto has done even more than Saint-Geours to advance the cause of togetherness in banking. Ponto's Dresdner Bank is Germany's second largest (after Deutsche Bank) with $13 billion in assets. It has joined seven other international banks to form Société Financière Européenne (SFE), the world's largest such group, whose partners have assets of $130 billion. Last year Dresdner Bank also linked with three European banks in the Associated Banks of Europe Corp. (ABECOR). Members' assets total...
Ponto spent his early childhood in Ecuador and Chile, where his German father ran an export-import business. After the war he studied at Göttingen, Hamburg, Zurich, Cambridge and the University of Washington, where he did half a year of graduate work in international law. He joined Dresdner Bank in 1950 "out of curiosity about figures," and by 1969 made it to chief executive...
...billion last year), the Germans have started exporting large quantities of investment capital to the rest of the world. Last year that flow of money reached $900 million, and this year it is expected to grow even further, to $1.5 billion. Reinforcing the trend, Germany's aggressive Dresdner Bank has just decided to move into the stock-brokerage business in the U.S. The bank, Germany's second largest, with assets of $3.9 billion, is forming a wholly owned U.S. subsidiary for its new venture. It has already won permission to buy a seat on the Boston Stock Exchange...
Impressed by the strong reach of U.S. banks for global business, the Dresdner Bank has been expanding abroad in other ways. In 1965, it was the first large German bank to open a representative office in Manhattan. Last year it became the first German bank to join a major multinational banking combine when it helped to found the Societe Financiere Europeenne in Paris. The Dresdner's year-old Luxembourg subsidiary is thriving in the fast-expanding Eurobond and Eurodollar markets. Increasing its stake in Latin America, the bank last year bought an interest in local banks in Brazil, Chile...
...been trying to broaden our business," says Managing Director Erich Vierhub, 66, "and now we are harvesting the first successes." One of Vierhub's main aims is to "transform staid bank clerks into money salesmen"-a formula that works at home as well as abroad. One of the Dresdner's mutual funds, Concentra, has grown into the country's second largest (assets: $226 million). From its coequal headquarters in the cities of Frankfurt, Dusseldorf and Hamburg, the bank has opened 650 branches across West Germany, adds new ones at the rate of 70 a year. Last year...