Formation of Deutsche Girozentrale (DGZ)

Deutsche Girozentrale (DGZ) (German Sparkasse Clearinghouse) is founded in 1918. Formed as a legally dependent banking division of the Deutsche Zentral-Giroverband (German Central Sparkasse Clearing Association) in Berlin, it is firmly rooted in the Sparkasse savings bank organisation from the beginning. Initially, it mainly handled money transmission and facilitated cashless transactions for Sparkasse banks and clearinghouses.

DGZ recognised as a public banking institution

The Bank is authorised to issue bearer bonds (“German municipal bonds”). Starting in 1921, DGZ also acted as a central credit financing institution for cities and municipalities, which is why the addendum “Deutsche Kommunalbank” (German Municipal Bank) was added to its name.

Frankfurt am Main branch established

DGZ opens this branch to take advantage of the opportunities associated with the stock exchange centre in Frankfurt am Main.

DGZ develops into a central money market trader

The Deutsche Sparkassenverband (German Sparkasse Association) and Deutche Zentral-Giroverband merge in 1924 to form the Deutsche Sparkassen- und Giroverband (DSGV) (German Sparkasse and Clearing Association). After the merger of these associations, DGZ focuses primarily on providing financing to cities and municipalities and develops into a central money market trader. As liquidity manager for the Sparkasse clearinghouses, it organised money transmission and clearing transactions, is active in currency trading and is also involved in cross-border payment transactions.

Transformed into a legally independent public institution

Under the Third Decree of the President of the German Reich for Securing the Economy and Finances, dated 6 October 1931, DGZ became a legally independent public institution as a result of the reorganisation of the municipal banking system. In 1932, it received its own articles of association. DSGV, however, continued to bear unlimited liability.

Business realignment

The “municipal loan ban” issued in 1931 and revoked in 1939 brings the municipal credit business to almost a complete standstill. Until 1945, DGZ primarily acts as liquidity manager for Sparkasse banks and clears payment transactions.

After the Second World War, DGZ was located in the Soviet-controlled part of Berlin and was instructed by the Allies to restrict itself to handling existing business. Due to the severe decrease in business activity, DGZ is forced to discharge more than 90 per cent of its employees. Bank assets were initially transferred to a so-called Banking Commission and then passed into the “possession of the people” of the German Democratic Republic (GDR) in 1949.

Provisional office opened in West Berlin

Branch opened in Düsseldorf

Resumption of banking business in Düsseldorf

It was only in 1954 that DGZ resumed the full scope of its banking business in Düsseldorf. The main focus was on liquidity equalization and money transactions. In the municipal credit business, the bank concentrated mainly on the federal government and its authorities. Securities issues also gained in importance.

Formation of Deka Deutsche Kapitalanlagegesellschaft mbH

Deka Deutsche Kapitalanlagegesellschaft mbH was established on 17 August 1956 in Düsseldorf. This company became the foundation for all of the current investment activities carried on under the umbrella of the DekaBank Group. Today, Deka Investment GmbH manages and administers equity, bond and money market mutual funds, and special funds for institutional investors, which have been established under German law.

DGZ and Deka move to Frankfurt am Main

Frankfurt am Main established itself as the central location of the German financial system after the Second World War, making it necessary for both companies to move. DGZ’s stated objective was to strengthen its profile as a public-sector, profit-oriented commercial bank. The Frankfurt am Main metropolis also promised to further strengthen Deka’s positive sales and earnings.

Formation of Deutsche Sparkassen-Immobilien-Anlage-Gesellschaft mbH

Deutsche Sparkassen-Immobilien-Anlage-Gesellschaft mbH (Despa) was established together with the regional Sparkasse clearinghouses in response to growing interest in open-ended real estate funds. This line of business, handled today by Deka Immobilien Investment GmbH, developed very successfully thereafter.

Formation of Deka’s Luxembourg subsidiary

Die Deutsche Deutsche Girozentrale International S.A. was the fourth German bank established in Luxembourg. Deka’s goal was to expand its Euromarket business. In 1982, Deka opened its own branch in Luxembourg, thereby completing its cross-border range of services.

Formation of Deka International S.A.

Deka International S.A. (DIL) is headquartered in Luxembourg and is very closely associated with DekaBank Deutsche Girozentrale Luxembourg S.A., both in terms of organisational structure and personnel. It was initially established solely as a fund management company for establishing and managing mutual funds, and has managed equity funds, bond funds, money market funds and funds of funds established under Luxembourg law since 1988.

Movement into the new federal states of Germany

DGZ functioned as a central institution for the Sparkasse banks in the new federal states and also offered advisory programs. This was, however, only a form of temporary assistance, and in the end the Sparkasse Finanzgruppe made the decision to establish independent regional banks.

Formation of DekaBank (Luxembourg) S.A.

DekaBank (Luxembourg) acts as a service provider for retail investors, offering safekeeping of fund units in S LuxDepot securities accounts, and fund-related asset management in S DynamikDepot securities accounts. DekaBank in Frankfurt is responsible for portfolio management.

Formation of Deka Investment Management GmbH

Formed as an investment fund company for institutional investors, the company merged with Deka Deutsche Kapitalanlagegesellschaft mbH in 2002 to form Deka Investment GmbH, which is headquartered in Frankfurt am Main.

Formation of Deka (Swiss) Privatbank AG, Zurich

After Swissca acquired a 20 per cent interest, Deka Bank (Schweiz) AG changed its name to Deka (Swiss) Privatbank AG in September 1998. The company is a service provider for retail customers, and offers safekeeping of fund units in DekaSwiss Depot securities accounts, and Schweiz PrivatPortfolio asset management.

Formation of DekaBank GmbH

In reaction to changes in financial markets, Deka established DekaBank GmbH on 1 January 1996 to smooth the way for future expansion. The resulting holding company structure now allowed the greatest possible flexibility in the market and also made possible the merger of Deka and DGZ that was subsequently pursued.

Merger of DekaBank GmbH and Deutsche Girozentrale Deutsche Kommunalbank (DGZ)

The merger of DGZ and DekaBank to form DekaBank Deutsche Girozentrale on 1 January 1999 resulted in a combination of business areas that were different, but at the same time complementary. The merger of these two companies is the response of the Sparkasse Finanzgruppe to the increasing requirements in globalised financial markets for the benefit of customers, unit holders, distribution partners and employees.

DGZ•DekaBank becomes DekaBank

Deka’s brand policy, which was broadened in the middle of the year, is now focussed. The “DekaBank” brand is added to the positioning strategy, affecting activities that had generally been bundled under the “Deka Investmentfonds” brand. The essential requirements for this change were satisfied when the company was renamed on 1 July 2002, and DGZ•DekaBank became DekaBank.

WestInvest Gesellschaft für Investmentfonds mbH

Effective 1 January 2004, DekaBank Deutsche Girozentrale increased its interest in WestInvest Gesellschaft für Investmentfonds mbH from 40% to 94.9% and took over its real estate funds.

Deka FundMaster Investmentgesellschaft mbH

Deka FondsSupport GmbH receives the status of an investment company and operates in the market as Master- und Fondsservice-KAG. Since 30 August 2004, its company name has been “Deka FundMaster Investmentgesellschaft mbH”.

„First Choice Deka“

Commission earnings reached EUR 883 million in 2006, the highest level in the history of the bank. This financial year was also marked by a strategic realignment: Activities in the Real Estate Asset Management division were radically restructured. The loan business, trading and sales activities in the capital market sector, and refinancing business were bundled into the newly formed Corporates & Markets division. The initiatives combined under the “First Choice Deka” motto are aimed at expanding the partnership between the Sparkasse banks and state banks, and creating added value for alliance partners and permanently positioning the DekaBank Group as an exclusive partner through excellence in sales and support services.

Standard & Poor’s Award

Deka Investment won the 2006 prize for best major fund company at the 2007 Standard & Poor’s Fund Awards ceremony on 29 March 2007.

Achiever of the Year

Deka Investment received the Golden Bull award as “Achiever of the Year” at the 2008 Euro Fund Awards on 25 January 2008, in addition to 17 awards for individual funds.