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DZ Bank

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DZ Bank AG
Company typeAktiengesellschaft
IndustryBanking
Headquarters
Frankfurt
,
Germany
Area served
Germany
Key people
Henning Deneke-Jöhrens (Chairman)
Uwe Fröhlich and Cornelius Riese (CEO)
ProductsBanking services
RevenueIncrease€6.52 billion (2017)
Decrease€1.81 billion (2017)
Decrease€1.10 billion (2017)
Total assetsDecrease€506 billion (2017)
Number of employees
30,279 (2017)
Websitedzbank.com

DZ Bank AG is the second largest bank in Germany by asset size[1] and the central institution for more than 900 co-operative banks and their 12,000 branch offices. Within the Volksbanken Raiffeisenbanken Co-operative financial network, which is one of Germany's largest private sector financial service organisations, DZ Bank functions both as a central institution and as a corporate and investment bank.

DZ Bank is an acronym for Deutsche Zentral-Genossenschaftsbank (literally "German Central Co-operative Bank").

As a holding, the DZ Bank Group defines itself primarily as a service provider for the local cooperative banks and their 30 million or so clients. The DZ Bank Group includes DVB Bank, a transportation finance bank; Bausparkasse Schwäbisch Hall, a building society; DZ HYP, a provider of commercial real estate finance; DZ Privatbank Gruppe; R+V Versicherung, an insurance company; TeamBank, a provider of consumer finance; Union Investment Group, an asset management company; VR Leasing; and various other specialized institutions.

DZ Bank is a member of CIBP, EACB, the Euro Banking Association and Unico.

DZ Bank is headquartered in Frankfurt, Germany and maintains branches, subsidiaries and representative offices in key financial centers and economic regions worldwide. The DZ Bank building in Berlin, located at Pariser Platz 3, was designed by architect Frank Gehry.

DZ Bank also has one of the most significant collections of contemporary artistic photography which today comprises over 6,000 works by more than 550 artists.

In 2016 DZ Bank was merged with WGZ Bank, the central institute of the co-operative banks of Rhineland and Westphalia.[2]

Investments

DZ Bank is a shareholder of Canadian oil and gas company TC Energy, which is behind the controversial Coastal GasLink Pipeline slated to be built on unceded Wet'suwet'en Nation territory in Northern British Columbia. DZ Bank increased their stake on 31 March, 2020 from 1.22 million to 4.27M shares, an increase of ~250%,[3] seemingly in spite of the global COVID-19 pandemic including in Canada.

See also

References

  1. ^ "Germany's DZ Bank appoints new co-CEOs as of 2019". Reuters. 4 July 2017. Retrieved 6 July 2017.
  2. ^ "DZ BANK's AGM: shareholders vote in favour of merger with WGZ BANK". DZ Bank. 22 June 2016. Retrieved 1 August 2016.
  3. ^ "TRP Institutional Holdings". NASDAQ. Retrieved 9 August 2020.
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