Five centuries at the forefront of financeMunich is home to Germany's largest and most innovative insurance, reinsurance, venture and participatory capital, asset management and trade financing industries. The city has Germany's second largest banking sector and stock exchange.
These positions represent the setting forth of a more than five hundred year tradition in Bavaria of being home to the institutions and entrepreneurs with the vision, resources and skill requisite to create the products and services advancing world finance.
|1486||The Augsburg-based Fuggers, Europe’s leading trading dynasty, sets up a bank that is still in existence today.|
|1540||The launching of securities trading in Augsburg, making it Germany’s first bourse. Also in the same year: trading in bills of exchange is commenced in Nuremberg.|
|1774||Founding of Fürstlich Castell’schen Bank, Credit-Casse, in Castell.|
|1780||In Ansbach, Margrave Karl Alexander founds Hochfürstlich-Brandenburg-Anspach-Bayreuthische Hofbanco, which goes on to become the Bavarian state bank.|
|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.
|1806/07||The Hochfürstlich-Brandenburg-Anspach-Bayreuthische Hofbanco is rechristened the “Royal Bavarian Bank”. The Bavarian government relocates the headquarters of the bank to Nuremberg.|
|1807||The first concrete proposal for establishing a savings bank in Bavaria. It was rejected.|
|1816||The Augsburg bourse started securities trading.
|1821||Bavaria’s first savings bank is founded in Nuremberg.
|1824||Founding of what has become Stadtsparkasse München, Munich’s savings bank.
|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.|
|1828||Another private bank, Gabler-Saliterbank, based in Günzburg, starts up business activities.|
|1830||The Munich Stock Exchange begins trading.
|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.|
|1836||Hypo-Bank enters the insurance business by setting up agencies throughout Bavaria. These agents also arrange mortgages.|
|1843||King Ludwig I promulgates the “savings bank decree”.|
|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.|
|1857||Hypo-Bank introduces the provision of advances on current accounts for customers. Brewers are among the initial customers.|
|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.|
|1864||Hypo-Bank receives permission to introduce mortgage bonds in Bavaria. This innovation quickly spreads throughout Europe.|
|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.
|1869||Enactment of the Bavarian Cooperative Society Act.|
|1869||Founding of Bayerische Vereinsbank.
|1870||Heinrich Johann Merck and Adolf Karl-Ludwig Christian found the 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.|
|1871||Founding of LV 1871 under the name “Christian Catholic Funeral Society”.|
|1871||Founding of Süddeutsche Bodenkreditbank AG in Munich.
|1875||The Bavarian king decrees a law establishing the “Royal Fire Insurance Association”, the forerunner to the Bavarian Insurance Chamber.|
|1875||Founding of the Bavarian Central Bank. It is granted the right to issue a maximum of 70 million marks. Circulating in Bavaria are both German national and Bavarian state banknotes.|
|1876||The Reichsbank (German national bank) begins operations. It also opens a main office in Munich and several other ones in Bavaria.|
|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.|
|1880||Founding of Munich Re, now the world’s largest reinsurer.|
|1880||Hypo-Bank introduces “custody and management services for securities” – a major innovation.|
|1884||Founding in Munich of the Widows and Orphans Support Fund of the Bavarian Union of Transportation Officials.
|1884||Founding of Nürnberger Lebensversicherungs-Bank, the predecessor of today’s Nürnberger Versicherungsgruppe.|
|1884||Founding of the Bayerische Landeskulturrentenanstalt by King Ludwig II – a predecessor of Bayerische Landesbank.|
|1885||Münchener Rück becomes the world’s largest reinsurer.
|1885||Accident insurance policies are offered for the first time in Bavaria by Nürnberger Lebensversicherungs-Bank.
|1889||Carl v. Thieme and Wilhelm v. Finck, the co-founders of Munich Re, found Allianz-Versicherungs-AG.|
|1889||Hypo-Bank was accepted into the so-called Prussian Consortium, which issued German national bonds.
|1893||Founding of Bayerische Zentral-Darlehenskasse (later Raiffeisen-Zentralbank) as a funds clearing center for the Bavarian Raiffeisen-Darlehenskassen-Vereine.
|1896||Founding of Bayerische Landwirthschaftsbank eGmbH in Munich. It has gone on to become today’s Münchener Hypothekenbank eG.|
|1901||Introduction of insurance supervision in Bavaria.
|1902||Founding of the Sterbekasse Bayerische Staatsdiener (Funeral Society of Bavarian State Servants). It was the predecessor company of Bayerische Beamten-Versicherung (BBV).|
|1906||A national law stops the joint operation of banking and insurance businesses. Hypo-Bank then transferred its insurance business from the Bayerische Versicherungsbank AG.
|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.|
|1909||Founding of the Association of Munich’s Banks and Bankers.
|1911||Bayerische Landesverband joins the Deutsche Sparkassenverband.
|1913||Founding of the Ludwig Sperrer private bank in Freising.
|1914||The Hafner banking house opens in Augsburg.
|1914||Allianz becomes Germany’s largest property insurer.
|1914||Founding of Giroverband Bayerischer Sparkassen – the Association of Bavarian Savings Banks.|
|1916||Munich Re develops a classification system for estimating risks for life insurance. The actuarial tables used still form the basis for the setting of rates for life insurance.|
|1916||Hypo-Bank has become the largest mortgage bank in Germany.|
|1918||Upon the end of the monarchy, the Royal Bank of Nuremberg changes its name to Bayerische Staatsbank.|
|1919||Vereinigung Münchner Banken & Bankiers gives rise to the Verband Bayerischer Bankleitungen, the predecessor of Bayerische Bankenverband.
|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.
|1920||The Bavarian state government relocates Bayerische Staatsbank’s headquarters from Nuremberg to Munich.|
|1922||Founding of Bayern-Versicherung.
|1924||Founding of the Max Flessa KG banking house in Schweinfurt.|
|1925||Landesverband Bayerischer Sparkassen renamed Bayerischer Sparkassen und Giroverband.
|1929||Bayerische Landesbausparkasse established.
|1933||Bayerische Sparkassen- und Giroverband becomes a corporation under public law.
|1935||Merger of the Munich and Augsburg exchanges into the Bavarian Exchange, which is headquartered in Munich.|
|1935||The Bavarian Central Bank becomes the The Bavarian Central Bank becomes the Bavarian State Bank (Bayerische Staatsbank).|
|1938||“Forced Aryanization” of the H. Aufhäuser private bank house.
|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.|
|1945||On August 10th, the Bavarian Exchange becomes the first exchange in Germany to reopen.|
|1947||The Bavarian state central bank opens for business in Munich.|
|1948||The Bavarian Bankers Association is established.
|1949||Relocation of Allianz-Versicherungs-AG’s head office from Berlin to Munich.|
|1949||Founding in Munich of Germany’s first mutual fund - ADIG-Investment.|
|1950||Today’s HUK-Coburg insurance group relocates its headquarters from Erfurt to Coburg.
|1957||Bavarian savings banks introduce non-cash payment of wages.|
|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.|
|1958||Founding of Bayerische Bankenfonds, the predecessor of and role model for today’s deposit guarantee fund of the Association of German Banks.|
|1960||Hypo-Bank and other banks found Allfonds-Gesellschaft für Investmentanlagen mbH, now Activest, to manage special-purpose securities funds.|
|1965||ADIG introduced an “Aufbaukonto” (investment “build up” account). ADIG thus creates an offer for systematic savings investment for a broad class of society for the first time in Germany.
|1967||Introduction of savings certificates.
|1971||Merger of Bayerische Staatsbank with Bayerische Vereinsbank.|
|1971||Founding of BMW Bank GmbH.
|1971||Nürnberger Versicherungsgruppe pioneers floating return life insurance in Germany.|
|1972||Merger of Landesbodenkreditanstalt and Bayerische Gemeindebank into Bayerische Landesbank.|
|1975||Nuremberg’s Noris Verbraucherbank becomes Germany’s first ‘self-service’ bank.|
|1985||Deutsche Genossenschaftsbank takes over Bayerische Raiffeisen-Zentralbank’s banking transactions.|
|1989||Raiffeisenverband and Bayerische Genossenschaftsverband merge to become “Genossenschaftsverband Bayern (Raiffeisen/Schlulze-Delitzsch) e. V.”.|
|1990||Victoria Versicherung and Bayerische Vereinsbank jointly found Victoria Kapitalanlagegesellschaft. This later becomes part of MEAG.|
|1991||Allianz acquires Fireman’s Fund, the US insurer.
|1994||ADIG launches Germany’s first money market fund.
|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||Founding of Consors, the Nuremberg discount broker. It, too, rapidly becomes one of the leading direct banks in Germany.|
|1995||Allianz acquires the Munich-based Vereinte Versicherungsgruppe.|
|1997||Allianz takes over AGF, the French insurance group.|
|1997||Munich Re assigns much of its direct insurance activities to its ERGO Versicherungsgruppe AG subsidiary, now the second largest in its field.|
|1998||Merger of Hypo-Bank and Bayerische Vereinsbank into Bayerische Hypo- and Vereinsbank AG (HVB), thus creating Germany’s second largest bank.|
|1998||In Nuremberg, Noris Verbraucherbank and Franken WKV Bank merge to form Norisbank AG.|
|1999||Munich Re and ERGO Versicherungsgruppe set up MEAG. Its brief is to be the asset manager of its group.|
|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).|
|2000||HVB founds Indexchange AG. It becomes the first company to issue exchange-traded funds (ETFs) in Germany. The funds track the DAX and Dow Jones.|
|2000||As part of Europe’s first cross-border bank merger, HVB integrates Bank Austria into its operations. The new bank, HVB Group, develops into one of the leading banks in Eastern Europe.|
|2000||Allianz takes over Pimco, a US asset manager specializing in fixed-interest securities.|
|2000||HVB is the first German bank to also recommend a competitor’s funds.|
|2000||Founding of fpmi - the Munich Financial Center Initiative – at the initiative of the Bavarian Ministry of Economic Affairs.|
|2001||Allianz acquires Germany’s third largest financial institution, Dresdner Bank, headquartered in Frankfurt.|
|2002||The former state central bank of the Free State of Bavaria becomes the Munich office of the Deutsche Bundesbank.|
|2003||The Munich exchange introduces the Max-One trading system.|
|2003||HVB transfers its holdings in German mortgage banks, as well as its international real estate financing activities, to the newly-founded Hypo Real Estate Group. This group is now among the 15 largest banks in Germany.|
|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 an equity nature aimed at small and medium-sized enterprises (SMEs).|
|2004||Stadtsparkasse München becomes the first German savings bank to issue a mortgage bond.|
|2005||The Munich Exchange launches a new market segment for SMEs - "M:access".|
|2005||HVB merges with the Italian UniCredit to form the fifth largest European bank.|
|2009||The Munich Stock Exchange launches its greenmarket segment, upon which CO2 emission certificates are traded.|
|2010||Allianz Global Investors completes its takeover of cominvest.|
|2011||2011 The Munich Stock Exchange founds the commodity exchange “greenmarket“.|
|2012||Bavarian saving banks purchase the LBS.|
|2013||The Allianz takes over the turkish insurance Yapi Kredi.|
|2014||The Baader Bank takes over the biggest independent swiss stockbroker Helvea.|
|2015||Start of the gettex trading system of the Bayerische Börse München.|
|2017||Munich is rated under the top 5 of the upcoming fintech-locations.|
|2017||Munich lands with Frankfurt on place two of the FinTech-Hub-Ranking.|
|2018||The MiFID-II rules are to be applied by the financial institution.|