DZ Bank
Second largest bank in Germany by asset size
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- DG Bank
- GZ-Bank
Frankfurt
, Germany
Area served
Key people
Uwe Fröhlich and Cornelius Riese (CEO)
€6.54 billion (2022)[1]€1.79 billion (2022)[1]Net income
€1.07 billion (2022)[1]
€627 billion (2022)[1]€23.07 billion (2022)[1]Number of employees
32,985 (2022)[1]DZ Bank AG (German pronunciation: [deː ˈt͡sɛt baŋk aːɡeː] ⓘ) is the second largest bank in Germany by asset size[2] and the central institution for around 800 cooperative banks and their around 8,500 branch offices. Within the German Cooperative Financial Group, which is one of Germany's largest private sector financial service organizations and manages assets of around 1.200 trillion euros,[3] 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 Cooperative Bank").
As a holding, the DZ Bank Group defines itself primarily as a service provider for 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 (German pronunciation: [deː t͡sɛt ˈhyp aːˌɡeː] ⓘ), 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, headquartered in Frankfurt, Germany, is a member of CIBP, EACB, the Euro Banking Association, and Unico. It 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 cooperative banks of both the Rheinland (Rhineland) and Westfalen (Westphalia).[4]
DZ Bank has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.[5][6]
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%.[7]
See also
Banks portal
References
- ^ a b c d e f "2022 Annual Report" (PDF). dzbank.com. Retrieved 23 March 2023.
- ^ "Germany's DZ Bank appoints new co-CEOs as of 2019". Reuters. 4 July 2017. Retrieved 6 July 2017.
- ^ "Presse - Zahlen, Daten, Fakten - BVR - Bundesverband der Deutschen Volksbanken und Raiffeisenbanken".
- ^ "DZ BANK's AGM: shareholders vote in favor of merger with WGZ BANK". DZ Bank. 22 June 2016. Retrieved 1 August 2016.
- ^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
- ^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
- ^ "TRP Institutional Holdings". NASDAQ. Retrieved 9 August 2020.
External links
Wikimedia Commons has media related to DZ Bank.
- Official website
- Documents and clippings about Preußische Zentralgenossenschaftskasse in the 20th Century Press Archives of the ZBW
- Annual Report - DZ BANK Group
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