History

A Chronological Overview
1918
1918-1947 Headquarters of DGZ Berlin
Print from 1936

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.

1919

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.

1920

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.

1924

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.

1931

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.

1931-1945

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.

As of 1945

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. In May 1949, bank assets in the Eastern Sector of Berlin pass into the “possession of the people” of the German Democratic Republic (GDR). One month later, DGZ receives authorisation to dispose of its claims in West Berlin.

1947

Provisional office opened in West Berlin

1949

Recognition as a Bank in Düsseldorf that had had to move its Registered Office

Under a decree of 3 October 1949 issued by the Finance Minister of North Rhine-Westphalia, Deutsche Girozentrale –Deutsche Kommunalbank–, Berlin, is recognised as displaced. Düsseldorf is deemed to be its registered office for business activities within the currency area (federal territory of Germany). Recognition is granted under the condition that business operations be restricted to the long-term municipal loan business and that other business operations be wound up.

1949

Branch opened in Düsseldorf

1954

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.

1956
The first annual report of the DekaFonds I fund for the period from 24/1 - 31/12/1956

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.

As of 1965

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.

1967

Formation of Despa Deutsche Sparkassen-Immobilien-Anlage-Gesellschaft mbH

Despa Deutsche Sparkassen-Immobilien-Anlage-Gesellschaft mbH 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.

1971

Formation of DGZ International S.A.

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

1988

Formation of Deka International S.A.

Deka International S.A. (DIL), a subsidiary of Deka Deutsche Kapitalanlagegesellschaft mbH with registered office in Luxembourg, is initially established solely as a fund management company for launching and managing mutual funds. It has managed equity funds, bond funds, money market funds and funds of funds established under Luxembourg law since 1988.

1990-1991

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.

1991

Formation of DekaBank (Luxembourg) S.A.

Formed as a subsidiary of Deka Deutsche Kapitalanlagegesellschaft mbH, DekaBank (Luxembourg) provides service to retail investors, offering safekeeping of fund units in S LuxDepot securities accounts, and fund-based asset management in S DynamikDepot securities accounts. DekaBank in Frankfurt is responsible for portfolio management.

1993

Formation of Deka Investment Management GmbH

Deka Deutsche Kapitalanlagegesellschaft mbH forms Deka Investment Management GmbH as an investment fund company for institutional investors.

1995

Formation of Deka(Swiss) Finanz AG, Zurich

Deka Deutsche Kapitalanlagegesellschaft mbH formed a subsidiary with its registered office in Zurich. The company specialises in providing investment advisory services and fund-based asset management. The company has operated under the name Deka(Swiss) Privatbank AG until the end of 2013.

1995

Formation of Deka (neu) GmbH

Deka Deutsche Kapitalanlagegesellschaft mbH forms another subsidiary, to which it outsources its fund business in the following year.

1996

New Name of DekaBank GmbH

Deka Deutsche Kapitalanlagegesellschaft mbH receives its banking licence and now trades as DekaBank GmbH. It outsources its fund business to Deka (neu) GmbH. 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.

1996

Renaming of Deka (neu) GmbH

Deka (neu) GmbH, a subsidiary of DekaBank GmbH, is initially renamed Deka Deutsche Kapitalanlagegesellschaft mbH before receiving the name “Deka Investment GmbH” in 2002.

1999

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

The merger of DGZ and DekaBank GmbH to form DGZ•DekaBank Deutsche Kommunalbank 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.

2002

DGZ•DekaBank Deutsche Kommunalbank 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 Deutsche Kommunalbank became “DekaBank Deutsche Girozentrale“.

2002

Merger of Deka Investment Management GmbH

Deka Investment Management GmbH merged with Deka Investment GmbH on 1 January 2002 to form the current company “Deka Investment GmbH”, with registered office in Frankfurt am Main.

2004

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.

2004

Deka FundMaster Investmentgesellschaft mbH

Established in 1999, 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”.

2006

„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.

2007

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.

2008

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.

2008

Exchange Traded Funds (ETFs)

DekaBank established ETFlab Investment GmbH in January 2008 in the Corporates & Markets division and entered into the ETF business on 31 March 2008, thereby expanding its range of products with a new product category that is custom-tailored to the needs of institutional clients.

2008

Acquisition of PPP-Specialist WestKC

DekaBank acquires Westdeutsche Kommunal Consult GmbH (WestKC) from WestLB AG, a leading advisor to municipalities and public-sector companies in Germany. It has operated under the name “DKC Deka Kommunal Consult GmbH” since 22 December 2008.

2008

Formation of Dealis Fund Operations GmbH

Dealis Fund Operations GmbH is a joint venture between Allianz Global Investors and DekaBank, which was established on 18 December 2008 and specialises in providing fund bookkeeping and administration services. It began operations on 1 January 2009.

2009

Formation of Dealis Fund Operations S.A., Luxembourg

The Luxembourg-based subsidiary Dealis Fund Operations S.A. also commences operations on 1 January 2009.

2009

DekaBank’s First Environmental Report

DekaBank continues to pursue sustainability in its business operations. Following the introduction of an in-house environmental management system in 2008 and its certification in 2009, the Group presents its first environmental report for 2008.

2010

Morningstar Fund Awards

The Morningstar Fund Awards recognises Deka Investment GmbH as the “Best Major Bond Investment Company” in Germany.

2010

Interest Acquired in Luxemburger Leben S.A.

DekaBank Deutsche Girozentrale Luxembourg S.A. acquires a 50 per cent interest in the life insurance company Luxemburger Leben S.A. on 1 July 2010. At the same time as the interest was acquired, the company started distribution of its products within the Sparkasse savings bank organisation.

2010

Formation of Gesellschaft für Mittelstandskreditfonds der Sparkassen-Finanzgruppe mbH

Mittelstandskreditfonds (MKF), a joint venture between DSGV and DekaBank, commences normal operations on 1 September 2010. All German Sparkasse savings banks can now offer traditional unsecuritised new loans to small- and medium-sized companies and/or invest in MKF’s portfolio.

2011

Acquisition of WestLB International S.A.

DekaBank Deutsche Girozentrale Luxembourg S.A. acquires WestLB International S.A. on 1 January 2011. The name of this former WestLB subsidiary was changed to VM Bank International S.A.

2011

Acquisition of the Retail Banking Business of LBBW Luxembourg S.A.

DekaBank Deutsche Girozentrale Luxembourg S.A. also acquires the retail banking business of LBBW Luxembourg S.A. on 1 January 2011.

2011

100 per cent Sparkasse

In April 2011, the agreement is signed for the Sparkasse bank acquisition of the 50% interest in DekaBank held by the German state banks. The effective date of the agreement was 8 June 2011. After the change in ownership, the German Sparkasse savings banks are the sole shareholders of DekaBank.

2011

FondsConsult Test Winner

DekaBank Asset Management receives a score of 1.8 (“Good+”) in the 2011 FondsConsult study, putting it in first place in the overall standings for the first time.