Bank of German Labor, Inc.

The Bank of the workers, employees and officials AG, later Bank of the German Labor AG, was a union-affiliated bank based in Berlin.

History

1923 founded the General German Trade Union Confederation and the General German Civil Service Federation an investment company, the German capital utilization mbH. RTC was the income-producing investment of the funds of the unions. Background of the foundation was hyperinflation in 1923, which had destroyed the funds of the unions.

The Bank of the workers, employees and civil servants was established on 31 May 1924, the German capital utilization mbH as close union bank.

After the seizure of power by the National Socialists, the DC circuit and expropriation of the Institute and on May 2, 1933 was the arrest of the leadership and renamed the Bank of German Labor AG. Sole shareholder was now the German Labor Front.

Starting in 1936, many industrial and banking interests were sold and to buy some new ones. The bank's head office was in February 1939 in Berlin, Unter den Linden / corner Neustädtische Church Street. 1940 was acquired " East German Privat Bank AG ". In 1944 there were 53 branches in most major German cities.

Significant subsidiaries were, inter alia,

• Bank voor Nederlandsche There have NV, Amsterdam C, with offices in Rotterdam and Utrecht
• West Bank N.V. ( Banque de l' Ouest SA), Brussels branch in Antwerp

The Bank of the German work was closed in 1945 by the Russian military government through SMAD Order August 14, 1945 and settled by the Saxon State Bank.

After the war, the tradition of union banks was continued by the Bank for social economy.

Swell

• Central State Archive of Dresden

• Former bank (Berlin)
• Former company (Berlin)
• Established in 1924
• Dissolved in 1945