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By Nicolas Jequier, Hu Yao-su, Yao-Su Hu, A.S. Bhalla

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In the German boom of the mid-1850s, which saw the formation of numerous railway, mining and metallurgical enterprises, «scarce~ any other aid could be called in than that of the ... Darmstiidter Bank». Following the model of the Darmstadter, a number of other banks were formed in 1856, of which the most important were the Berliner Handelsgesellschaft, the Discontogesellschaft, the Mitteldeutsche Kreditanstalt, the Vereinsbank, the Norddeutsche Bank and the Schlesischer Bankverein. The "Big Three" of today were founded at the beginning of the 1870s: the Deutsche Bank and the Commerzbank in 1870, and the Dresdner Bank in 1872.

1 Special credit institutions in the industrialised nations, like development banks in the developing world, account for a relatively small share of total investment in a country. Judging their effectiveness is essentially a matter of conjecture since one cannot determine what might have happened in their absence. The wide range of financial tools at their disposal, their close relationship with the government and their technical expertise nevertheless suggest that, notably in countries with an integrationist economic and financial structure, they can and do play a very important role as catalysts of industrial and technological development.

This understanding results from a close association with industry and from the bank's in-house technical and industrial expertise; its consequence is the ability to take a long-term view of things and accept risks (or at least what would be considered as risks by less-informed financial institutions). This mission or sense of purpose deserves a few words of explanation for those brought up to believe that profit maximisation is, or should be, the sole objective of an enterprise, and notably of a bank.

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