Word: dresdner
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...biggest hotbeds of mutual funds. In 1956 the Deutsche Bank, under its imaginative chief, Hermann Abs (TIME, Dec. 15), established the Investa Mutual Fund, whose holdings have soared from $58 million to $161 million. Next largest German mutual fund is Concentra, which is sponsored by Frankfurt's Dresdner Bank, has $124 million in assets and hooks customers with a clever come-on: "For $25 become a stockholder in 30 first-rank companies...
...agreements with France's Renault and Germany's N.S.U. Daimler-Benz (Mercedes) is negotiating with Peugeot, and France's Conord (household appliances) has already established a subsidiary in Cologne. Even commercial banks are getting into the act: France's Credit Lyonnais and Germany's Dresdner Bank have exchanged 50 employees as part of a training scheme...
...Three. To finance industrial reconcentration, many West German banks have gone down the reconcentration path themselves. Last September the last of the Big Three commercial banks, the Commerzbank, linked its semi-independent units into one big house; Deutsche and Dresdner banks, the other members of the Big Three, did the same two years...
GERMAN BANK TRUSTS, splintered into 30 postwar regional units by Allied decartelizers, are rapidly consolidating, with two biggest pre-1947 trusts leading way. Successors to Deutsche Bank Group (assets: $1.8 billion) have voted to unite, and successors to Dresdner Bank-Group (assets: $1.2 billion) will vote to combine this month...
...than withdrawals. German statesmen played their hand shrewdly. During the three weeks that Germany has been under partial moratorium the Government investigated every bank that seemed to be in serious trouble. Deposits of the closed Danat Bank were guaranteed. The Government bought 75%, of the stock of the great Dresdner Bank. As a last move to prevent runs 8% was promised on all new deposits. That did the trick. Tellers reported no more business than usual on a midsummer day; huge bundles of unused banknotes were returned to the Reichsbank...