The Creditanstalt Bankverein was a Austrian bank.

History

The Creditanstalt went the establishment of a banking house into Vienna from the member of the banker family Rothschild, to that ahead 1819 from Frankfurt to Vienna moved to Salomon Meyer baron von Rothschild, in the year 1820. Its bank had relevant portion of the financing of industrialization projects in Austria. Thus Kreditinstitut financed for example the development of the north course starting from 1830, the production of railway rails and the building of coke blast furnaces. Apart from good relations with state State of Clemens the prince at that time Metternich and its coworker Friedrich of Gentz held the bank also the and westHungarian aristocracy as large applicants for the credit.

Out of this bank went to the assumption through Salomon Mayers son Anselm Salomon of Rothschild the k. k. granted privilege Austrian Credit institute for trade and trade out, which were created on 31 October 1855. As restaurant economics it became the largest of the Austrian-Hungarian monarchy. The son Anselm Salomons, Albert Salomon Anselm of Rothschild, transferred to let the business establish in the year 1872 and could due to the good earnings in the years 1909 to 1912 in the Viennese Scot lane a banking house in the neoklassizistischen style of the architects Ernst von Gotthilf Miskolczy, as well as of Gustav and Franz of Neumann, whomever is today still received. 1911 took over Albert Salomon Anselms son, Louis Nathaniel of Rothschild, the business.

History in the first republic

When by instability relating to domestic affairs, released by more strongly becoming party-political differences between the Sozialdemokratischenen and the Christian-social party and its military organizations, foreign financial sources took off, was dependent on who Austria and whom world economic crisis of the bank landscape a further heavy impact released of New Yorker collapse of the stock market shifted on 25 October 1929, the Creditanstalt was forced from the government to the assumption of the obligations soil Creditanstalt. After the Creditanstalt had already transferred 1926 the Anglo Austrian bank and by the serious crisis in the banking was several times loaded, the bank now became the case of reorganization. 1931 had in the meantime undisputedly largest Austrian Kreditinstitut already a deficit of 140 million Schilling and had at the 11. May its inability to pay explain.

Since the Creditanstalt cared for however the majority of all Austrian industrial companies, their reorganization was absolutely necessary for the following government under Federal Chancellor Otto Ender. The first Creditanstalt law was issued, which planned a warranty for foreign creditors and an admission of foreign credits. Besides the debts were divided. 100 million Schilling the state and ever 30 million the house Rothschild and the Austrian central bank took over. The Social Democrats had occurred for a nationalization of the bank, could not not succeed however. Still in the same year the national council with the second Creditanstalt law of the Federal Government gave the authority for the assumption of the adhesion for the debts of the Creditanstalt. The outlet of 150 million Schilling in the budget was applied by economy measures with civil service pay, the introduction of the paying tax and increase of the coffee and tobacco tariffs. Also the Social Democrats tuned this mark for it.

1934 were fused the Creditanstalt by the Federal Government under Engelbert Dollfuss with the Viennese bank association, and were called off now Austrian Creditanstalt - Viennese bank association.

History in the NS time

With the connection to the German Reich the bank was again fundamentally transformed, after Louis Nathaniel of Rothschild 1938 was arrested and only against payment of an enormous ransom freely came. At this point, with the forced emigration Louis Nathaniel of Rothschilds, ends also the 118 years persisted connection of the bank to the house Rothschild.

The stock majority at the bank changed first into a holding company of the German Reich and afterwards at Deutsche Bank. 1939 were renamed the bank in Creditanstalt Bankverein.

Under rule of the national socialists the bank served as "„KZ-bank "“. Bank relations with at least 13 KZ was maintained, by those the bank provable regularly lists of the dead - also of the KZ Auschwitz - kept and usury fees for money transfers from members to KZ-prisoners computed, how comes out from archives of the German bank.

History in the second republic

After the Second World War the bank was put under state control due to the first nationalization law of 1946, with which all portion rights became to transfer to the Republic of Austria. Former owners were compensated, if it did not concern former "„German property "“. The bank was further particularly in the business with big customers active. It was close to the civil camp. It acquired itself the call as visiting card of the Austrian economy. The Creditanstalt Bankverein had also many participation in important Austrian enterprises, e.g. Wienerberger the industry of building materials, Steyr Daimler Puch AG, Danube chemistry AG, Lenzing AG, Semperit AG or universal one building.

Starting from 1956 the state portion of the bank was reduced. 40% of the portion rights were sold by the expenditure by common stock and non-voting preference stocks to private ones. Starting from 1964 turned the bank strengthens the private customer business too. Center of the 1970er-Jahre ranked the Creditanstalt Bankverein under the hundred largest banks of the world. In the 1980-he 1980 the bank strengthened their foreign activities and branches among other things in London, New York and Hong Kong was opened. Until 1987 sank besides the state portion on 51%. Since the 1990er-Jahren, after the case of the iron curtain, the bank increased also continuously their market operational readiness level in central and Eastern European countries. 1996 possessed the bank 81 foreign branches world-wide and 255 Austrian branches and several daughter banks.

Privatisation and sales

Since center of the 1980-he 1980 social-democratic governments tried to introduce a privatisation of the close bank, what encountered naturally violent resistance evenly this party. Merged into the large coalition the had to take 1991 however the legal authorization of the Minister of Finance for the sales of the portions to the knowledge. Up to the actual privatisation it nevertheless still lasted until 1997, when under pressure of the contract of Maastricht of the European Union a sales of 69,45% of the being correct rights came to near bank the Austria to conditions. The bank Austria, at the time already largest bank of Austria, could be euro, cost this assumption 17.2 billion Schilling, converted approximately 1.25 billion. This sales led then also to a crisis in the coalition between and

2002 took place the final fusion between bank Austria (BA) and Creditanstalt Bankverein (APPROX.) to the bank Austria Creditanstalt (BA-CA), which firmiert since 2001 as partial company of the German Bavarian Hypo and association bank (HVB). 2005 were taken over the BA-CA by the Italian bankers' syndicate Unicredit.

Articles in category "Creditanstalt Bankverein"

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Related Websites

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