A. Schaaffhausen'scher Bank Association
Encyclopedia
The corporation
of A. Schaaffhausen'scher Bank Association was a bank based in Cologne
and was the first joint stock company
legally recognised as a Bank
in Germany
.
-Westphalia
area and its involvement in heavy industry
. In 1848, the bank found itself facing solvency
issues, and on March 29, 1848 they were forced to cease payment. Under national guarantees, and acting upon the advice of the Prussia
n Finance Minister
(and later founder of the Disconto-Association), David Hansemann
, the bank was allowed to be salvaged by other bankers under the leadership of Gustav Mevissen
. To this end, the Prussian government first sanctioned a bank in the form of a joint stock company
- the A. Schaaffhausen'schen Bank Association. As soon as 1852 the bank was able to pay back the aid it had received from the state.
In competition with both of the other big banks in the Rhineland, the Essener Credit-Institute and the Bergisch-Märkischen Bank, the Bank Association was able to augment itself with branches in western Germany. In 1904 it was able to take over the Westdeutsche Bank (located in Bonn
). Between 1904 and 1909 the Bank Association was involved in a joint venture
with the Dresdner Bank
. In 1913 the A. Schaaffhausen'sche Bank Association was the largest German regional bank and was involved in numerous industrial interests.
In 1914 the Bank Association was taken over by the Disconto-Association, although it remained a stand-alone credit institute until 1929. Not until the fusion of the Disconto-Association with the Deutsche Bank
in 1929 was the Bank Association completely merged with the Disconto-Association and then became a part of the Deutsche-Bank-Concern.
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
of A. Schaaffhausen'scher Bank Association was a bank based in Cologne
Cologne
Cologne is Germany's fourth-largest city , and is the largest city both in the Germany Federal State of North Rhine-Westphalia and within the Rhine-Ruhr Metropolitan Area, one of the major European metropolitan areas with more than ten million inhabitants.Cologne is located on both sides of the...
and was the first joint stock company
Joint stock company
A joint-stock company is a type of corporation or partnership involving two or more individuals that own shares of stock in the company...
legally recognised as a Bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
.
Company history
In 1791 Abraham Schaaffhausen founded his private bank, one of the first and most important financial resources for the growing RhinelandRhineland
Historically, the Rhinelands refers to a loosely-defined region embracing the land on either bank of the River Rhine in central Europe....
-Westphalia
Westphalia
Westphalia is a region in Germany, centred on the cities of Arnsberg, Bielefeld, Dortmund, Minden and Münster.Westphalia is roughly the region between the rivers Rhine and Weser, located north and south of the Ruhr River. No exact definition of borders can be given, because the name "Westphalia"...
area and its involvement in heavy industry
Heavy industry
Heavy industry does not have a single fixed meaning as compared to light industry. It can mean production of products which are either heavy in weight or in the processes leading to their production. In general, it is a popular term used within the name of many Japanese and Korean firms, meaning...
. In 1848, the bank found itself facing solvency
Solvency
Solvency, in finance or business, is the degree to which the current assets of an individual or entity exceed the current liabilities of that individual or entity. Solvency can also be described as the ability of a corporation to meet its long-term fixed expenses and to accomplish long-term...
issues, and on March 29, 1848 they were forced to cease payment. Under national guarantees, and acting upon the advice of the Prussia
Prussia
Prussia was a German kingdom and historic state originating out of the Duchy of Prussia and the Margraviate of Brandenburg. For centuries, the House of Hohenzollern ruled Prussia, successfully expanding its size by way of an unusually well-organized and effective army. Prussia shaped the history...
n Finance Minister
Finance minister
The finance minister is a cabinet position in a government.A minister of finance has many different jobs in a government. He or she helps form the government budget, stimulate the economy, and control finances...
(and later founder of the Disconto-Association), David Hansemann
David Hansemann
David Justus Ludwig Hansemann was a Prussian politician and banker, serving as the Prussian Minister of Finance in 1848.- Life :...
, the bank was allowed to be salvaged by other bankers under the leadership of Gustav Mevissen
Gustav von Mevissen
Gustav Mevissen, after 1884 Gustav von Mevissen was a German businessman and politician.Mevissen was born in Dülken, Rhine Province. He started by investing in textile industry and later in railway construction and heavy industry. He founded numerous banks, including the Darmstädter Bank, and...
. To this end, the Prussian government first sanctioned a bank in the form of a joint stock company
Joint stock company
A joint-stock company is a type of corporation or partnership involving two or more individuals that own shares of stock in the company...
- the A. Schaaffhausen'schen Bank Association. As soon as 1852 the bank was able to pay back the aid it had received from the state.
In competition with both of the other big banks in the Rhineland, the Essener Credit-Institute and the Bergisch-Märkischen Bank, the Bank Association was able to augment itself with branches in western Germany. In 1904 it was able to take over the Westdeutsche Bank (located in Bonn
Bonn
Bonn is the 19th largest city in Germany. Located in the Cologne/Bonn Region, about 25 kilometres south of Cologne on the river Rhine in the State of North Rhine-Westphalia, it was the capital of West Germany from 1949 to 1990 and the official seat of government of united Germany from 1990 to 1999....
). Between 1904 and 1909 the Bank Association was involved in a joint venture
Joint venture
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
with the Dresdner Bank
Dresdner Bank
Dresdner Bank AG was one of Germany's largest banking corporations and was based in Frankfurt. It was acquired by competitor Commerzbank in December 2009.- 19th century :...
. In 1913 the A. Schaaffhausen'sche Bank Association was the largest German regional bank and was involved in numerous industrial interests.
In 1914 the Bank Association was taken over by the Disconto-Association, although it remained a stand-alone credit institute until 1929. Not until the fusion of the Disconto-Association with the Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
in 1929 was the Bank Association completely merged with the Disconto-Association and then became a part of the Deutsche-Bank-Concern.
People Associated with the Bank
Well-known bankers of the Bank Association were:- Gustav von MevissenGustav von MevissenGustav Mevissen, after 1884 Gustav von Mevissen was a German businessman and politician.Mevissen was born in Dülken, Rhine Province. He started by investing in textile industry and later in railway construction and heavy industry. He founded numerous banks, including the Darmstädter Bank, and...
(Manager from 1848–1857) - Karl MathyKarl MathyKarl Mathy , was a Badensian statesman.He was born at Mannheim. He studied law and politics at Heidelberg, and entered the Baden government department of finance in 1829...
(Director from 1854–1855) - Carl Klönne (Manager from 1879–1900)
- Hermann Fischer (Manager from 1912–1919)