Dynamic for centuries

Munich the financial center can look back on a successful history that is still characterized to this day by dynamism, know-how and entrepreneurial courage. This was the location of the most important bank of the late Middle Ages, and today it is home to some of the most important financial and insurance companies. Munich is also where numerous product innovations were and are developed and where important decisions are made that affect the global financial industry.

from 2000 until today
2018 For the sixth time in a row, Munich tops the level ranking of the Institute of the German Economy.
2017 Munich comes second with Frankfurt in the FinTech Hub Ranking.
2017 Munich is chosen by the international law firm White & Case as one of the top 5 upcoming Fintech locations.
2015 Launch of the gettex trading system on the Bavarian Stock Exchange in Munich.
2015 Start of trading in warrants and certificates of HypoVereinsbank onemarkets via gettex.
2014 Baader Bank acquires Helvea, Switzerland's largest independent equity broker.
2013 Allianz acquires Turkish insurer Yapi Kredi.
2012 Bavarian savings banks fully acquire LBS Bayerische Landesbausparkasse.
2010 Allianz Global Investors completes integration of cominvest.
2009 Allianz sells Dresdner Bank.
2009 State intervention in Hypo Real Estate Holding AG; later a complete takeover of the bank by the Federal Republic of Germany.
2005 HVB and Italian UniCredit merge to form Europe's fifth-largest bank.
2005 The Munich Stock Exchange launches m:access, a new market segment for SMEs.
2004 Stadtsparkasse Munich is the first savings bank to issue a mortgage bond.
2004 Commerzbank takes over the retail banking business of SchmidtBank, headquartered in Hof, which fell into difficulties in 2001.
2004 HVB introduces Preferred Pooled Shares (Preps) for the first time in Germany, a financing product with equity-like characteristics geared to medium-sized companies.
2003 HVB transfers both its German mortgage bank holdings and its international real estate financing activities to the newly established Hypo Real Estate Group.
2003 The Munich Stock Exchange introduces the Max-One trading system.
2002 The former Landeszentralbank in the Free State of Bavaria becomes the head office of the Deutsche Bundesbank in Munich.
2001 Allianz acquires the third-largest German bank, Dresdner Bank, based in Frankfurt.
2000 Foundation of the Munich Financial Center Initiative at the behest of the Bavarian Minister of Economic Affairs, Otto Wiesheu.
2000 HVB is the first German bank to recommend its competitors' funds.
2000 Allianz acquires US asset manager Pimco, which specializes in the management of fixed-income securities.
2000 HVB integrates Bank Austria as part of the first cross-border banking merger in Europe. The new institution, the HVB Group, develops into one of the leading banks in Eastern Europe.
2000 HVB founds Indexchange AG. It issues Exchange Traded Funds (ETFs) on the Dax and the Dow Jones Index for the first time in Germany, thus helping ETFs.
from 1900 to 1999
1999 HVB becomes the first bank in Germany to introduce “Principles of Employee Conduct in Real Estate Transactions” (code of conduct for real estate transactions).
1999 Munich Re and ERGO Versicherungsgruppe set up MEAG. Its brief is to be the asset manager of its group.
1998 In Nuremberg, Noris Verbraucherbank and Franken WKV Bank merge to form Norisbank AG.
1998 Merger of Hypo-Bank and Bayerische Vereinsbank into Bayerische Hypo- and Vereinsbank AG (HVB), thus creating Germany’s second largest bank.
1997 Munich Re assigns much of its direct insurance activities to its ERGO Versicherungsgruppe AG subsidiary, now the second largest in its field.
1997 Allianz takes over AGF, the French insurance group.
1995 Allianz acquires the Munich-based Vereinte Versicherungsgruppe.
1994 Founding of Consors, the Nuremberg discount broker. It, too, rapidly becomes one of the leading direct banks in Germany.
1994 Hypo-Bank founds the predecessor of DAB Bank AG, Germany’s first discount broker and now one of the leading direct banks handling securities transactions.
1994 ADIG launches Germany’s first money market fund.
1991 Allianz acquires Fireman’s Fund, the US insurer.
1990 Victoria Versicherung and Bayerische Vereinsbank jointly found Victoria Kapitalanlagegesellschaft. This later becomes part of MEAG.
1989 Der Raiffeisenverband und der Raiffeisenverband and Bayerische Genossenschaftsverband merge to become “Genossenschaftsverband Bayern (Raiffeisen/Schlulze-Delitzsch) e. V.”.
1985 Deutsche Genossenschaftsbank takes over Bayerische Raiffeisen-Zentralbank’s banking transactions.
1975 Nuremberg’s Noris Verbraucherbank becomes Germany’s first ‘self-service’ bank.
1972 Merger of Landesbodenkreditanstalt and Bayerische Gemeindebank into Bayerische Landesbank.
1971 Nürnberger Versicherungsgruppe pioneers floating return life insurance in Germany.
1971 Founding of BMW Bank GmbH.
1971 Merger of Bayerische Staatsbank with Bayerische Vereinsbank.
1967 Introduction of savings certificates.
1965 ADIG introduced an “Aufbaukonto” (investment “build up” account). This is the first time in Germany that it has created an offer for a broad section of the population to systematically save funds.
1960 Hypo-Bank and other banks found Allfonds-Gesellschaft für Investmentanlagen mbH, now Activest, to manage special-purpose securities funds.
1958 Founding of Bayerische Bankenfonds, the predecessor of and role model for today’s deposit guarantee fund of the Association of German Banks.
1958 Hypo-Bank and Bayerische Vereinsbank founds Internationale Immobilien-Institut GmbH (iii-investments), the first manager of open-end real estate funds in Germany. In 1959 it brings out the iii-fund No. 1.
1957 Bavarian savings banks introduce non-cash payment of wages.
1950 Today’s HUK-Coburg insurance group relocates its headquarters from Erfurt to Coburg.
1949 Founding in Munich of Germany’s first mutual fund: ADIG-Investment.
1949 Relocation of Allianz-Versicherungs-AG’s head office from Berlin to Munich.
1948 The Bavarian Bankers Association is established.
1947 The Bavarian state central bank opens for business in Munich.
1945 On August 10th, the Bavarian Stock Exchange becomes the first exchange in Germany to reopen.
1941 D.A.S. moves its headquarters from Berlin to Munich. In the post-war era, it develops into Europe’s leading provider of legal insurance.
1938 “Forced Aryanization” of the H. Aufhäuser private bank house.
1935 The Bavarian Central Bank becomes the Bavarian State Bank (Bayerische Staatsbank).
1935 Merger of the Munich and Augsburg exchanges into the Bavarian Stock Exchange, which is headquartered in Munich.
1933 Bayerische Sparkassen- und Giroverband becomes a corporation under public law.
1929 Establishment of Bayerische Landesbausparkasse.
1925 Landesverband Bayerischer Sparkassen renamed Bayerischer Sparkassen und Giroverband.
1924 Founding of the Max Flessa KG banking house in Schweinfurt.
1922 Founding of Bayern-Versicherung.
1920 The Bavarian state government relocates Bayerische Staatsbank’s headquarters from Nuremberg to Munich.
1920 The first major bank merger in Bavaria: Bayerische Handelsbank and Vereinsbank in Nuremberg – both mixed mortgage banks – transfer their banking departments’ business to Bayerische Vereinsbank and continue on as pure mortgage banks.
1919 The Association of Munich Banks & Bankers is transformed into the Association of Bavarian Bank Managers, the predecessor of the Bavarian Banking Association.
1918 Upon the end of the monarchy, the Royal Bank of Nuremberg changes its name to Bayerische Staatsbank.
1916 Hypo-Bank becomes the largest mortgage bank in Germany.
1916 Munich Re develops a system for assessing the risks of life insurance policies. The mortality tables it uses are still the authoritative basis for pricing life insurance policies today.
1914 Founding of Giroverband Bayerischer Sparkassen – the Association of Bavarian Savings Banks.
1914 Allianz becomes Germany’s largest property insurer.
1914 The Hafner banking house opens in Augsburg.
1913 Founding of the Ludwig Sperrer private bank in Freising.
1911 Bayerische Landesverband joins the Deutsche Sparkassenverband.
1909 Founding of the Association of Munich’s Banks and Bankers.
1908 Merger of the five Bavarian savings bank associations (Palatinate, Upper Palatinate, Upper Bavaria, Lower Bavaria and Swabia) into a single state association. The savings bank associations of Lower and Central Franconia join the association.
1906 A national law stops the joint operation of banking and insurance businesses. Hypo-Bank then transfers its insurance business from the Bayerische Versicherungsbank AG.
1902 Founding of the Sterbekasse Bayerische Staatsdiener (Funeral Society of Bavarian State Servants). It was the predecessor company of Bayerische Beamten-Versicherung (BBV).
1901 Introduction of insurance supervision in Bavaria.
from 1800 to 1899
1896 Founding of Bayerische Landwirthschaftsbank eGmbH in Munich. It has gone on to become today’s Münchener Hypothekenbank eG – Germany's only mortgage bank in the legal form of an eG.
1893 Founding of Bayerische Zentral-Darlehenskasse (later Raiffeisen-Zentralbank) as a funds clearing center for the Bavarian Raiffeisen-Darlehenskassen-Vereine.
1889 Hypo-Bank was accepted into the so-called Prussian Consortium, which issued German national bonds.
1889 Carl v. Thieme and Wilhelm v. Finck, the co-founders of Munich Re, found Allianz-Versicherungs-AG.
1885 Accident insurance policies are offered for the first time in Bavaria by Nürnberger Lebensversicherungs-Bank.
1885 Muenchener Rueck becomes the world’s largest reinsurer.
1884 Founding of the Bayerische Landeskulturrentenanstalt by King Ludwig II – a predecessor of Bayerische Landesbank.
1884 Founding of Nuernberger Lebensversicherungs-Bank, the predecessor of today’s Nuernberger Versicherungsgruppe.
1884 Founding in Munich of the Widows and Orphans Support Fund of the Bavarian Union of Transportation Officials.
1880 Hypo-Bank introduces “custody and management services for securities” – a major innovation.
1880 Founding of Munich Re, now the world’s largest reinsurer.
1877 Founding of the Bavarian Cooperatives Association in Munich and founding of the “Theilheimer Darlehens-Cassen-Vereins eingetragene Genossenschaft” (Theilheimer Savings and Loan Association Registered Cooperative). Located in Randersacker, it is the first Raiffeisen (rural) credit union in Bavaria.
1876 The Reichsbank (German national bank) begins operations. It also opens a main office in Munich and several other ones in Bavaria.
1875 Founding of the Bavarian Central Bank. It is granted the right to issue a maximum of 70 million marks. Both German national and Bavarian state banknotes a circulating in Bavaria.
1875 The Bavarian king decrees a law establishing the “Royal Fire Insurance Association”, the forerunner to the Bavarian Insurance Chamber.
1871 Founding of Süddeutsche Bodenkreditbank AG in Munich.
1871 Founding of LV 1871 under the name “Christian Catholic Funeral Society”.
1870 Heinrich Johann Merck and Adolf Karl-Ludwig Christian found Merck, Christian & Co. – today’s Merck, Finck and Co. private bankers. In the same year, Heinrich Aufhäuser founds the H. Aufhäuser KG banking house in Munich.
1869 Founding of Bayerische Vereinsbank.
1869 Enactment of the Bavarian Cooperative Society Act.
1867 Bavaria’s first cooperatives association arises from the founding of the commercial “(Unter-)Verbandes der Fränkischen Vorschuß- und Kreditgenossenschaften” [(Sub-) Association of the Franconian Small Loan Companies and Credit Unions] in Kissingen.
1864 Hypo-Bank receives permission to introduce mortgage bonds in Bavaria. This innovation quickly spreads throughout Europe.
1862 The credit union era begins in Bavaria with the founding in Munich of what is today’s Münchner Bank eG. and of a similar institution in Coburg.
1857 Hypo-Bank introduces the provision of advances on current accounts for customers. Brewers are among the initial customers.
1854 Königliche Bank Nürnberg (Royal Bank of Nuremberg) starts accepting 90-day term deposits against loans, an innovation that becomes the backbone of banking operations.
1843 King Ludwig I promulgates the “savings bank decree”.
1836 Hypo-Bank enters the insurance business by setting up agencies throughout Bavaria. These agents also arrange mortgages.
1835 Founding of Bayerische Hypotheken- und Wechsel-Bank AG. In a first for Germany, this bank has the form of a joint stock company equipped with a relatively large capital stock. This makes the bank a role model throughout Germany. To compensate for the restrictions placed upon the mortgage bank business, the king of Bavaria allows the bank to issue banknotes. From 1836 to 1875, Hypo-Bank serves as Bavaria’s central bank, introducing Bavaria’s first paper money in the process.
1830 The Munich Stock Exchange begins trading.
1828 Another private bank, Gabler-Saliterbank, based in Günzburg, starts up business activities.
1826 The moving of Ludwig-Maximilians-University from Landshut to Munich is accompanied by the setting up of Bavaria’s first dedicated school of economics.
1824 Founding of what has become Stadtsparkasse München, Munich’s savings bank.
1821 Bavaria’s first savings bank is founded in Nuremberg.
1816 The Augsburg Stock Exchange started securities trading.
1807 The first concrete proposal for establishing a savings bank in Bavaria. It was rejected.
1806/07 The Hochfürstlich-Brandenburg-Anspach-Bayreuthische Hofbanco is renamed the “Royal Bavarian Bank”. The Bavarian government relocates the headquarters of the bank to Nuremberg.
from 1486 to 1799
1799 The first lectures in economics in Bavaria take place in a university in Ingolstadt. After a stop in Landshut, the facility goes on to become today’s Ludwig-Maximilians-University in Munich.
1780 In Ansbach, Margrave Karl Alexander founds Hochfürstlich-Brandenburg-Anspach-Bayreuthische Hofbanco, which goes on to become the Bavarian state bank.
1774 Founding of Fuerstlich Castell’schen Bank, Credit-Casse, in Castell.
1540 The launching of securities trading in Augsburg, making it Germany’s first stock exchange. Also in the same year: trading in bills of exchange is commenced in Nuremberg.
1486 The Augsburg-based Fuggers, Europe’s leading trading dynasty, sets up a bank that is still in existence today.