Berenberg Bank

Coat of arms of the Berenberg family (detail, 1710)

The Berenberg Company was founded in Hamburg in 1590 by the brothers Hans (1561–1626) and Paul Berenberg (1566–1645). In 1585, the Protestant Berenbergs left Antwerp in today's Belgium, at the time one of Europe's commercial centres, as Protestants in the southern Low Countries were given the choice either to convert to Catholicism or leave the country. The bank has been continuously owned by their descendants ever since.

Cornelius Berenberg (1634–1711)

The Berenbergs were originally cloth merchants and quickly extended their business to other commodities. Hans Berenberg's grandson Cornelius Berenberg (1634–1711) was the first to engage in merchant banking and developed the company into a very successful merchant house and merchant bank. He forged trade links with France, Spain, Portugal, Italy, Scandinavia and Russia. Family connections of the Berenbergs were instrumental to the development, especially in Livorno and Lisbon with their colonies of wealthy Dutch merchants. Members of the Berenberg family were also merchants in London from the 17th century.

Johann Berenberg (1718–1772)

Cornelius Berenberg's son, Rudolf Berenberg (1680–1746), was elected a Senator, that is, a member of the government of the city-state, in 1735. By the mid 18th century, investment banking and acceptance credits comprised a significant part of the firm's activities. Rudolf Berenberg was married to Anna Elisabeth Amsinck (1690–1748), a daughter of the Lisbon and Hamburg merchant Paul Amsinck (1649–1706) and a descendant of the Welser family. Their sons, Senator Paul Berenberg (1716–1768) and Johann Berenberg (1718–1772), became owners of the Berenberg company.

Johann Hinrich Gossler (1738–1790)

In 1768 Senator Paul Berenberg died childless, while his brother Johann Berenberg lost his only son in the same year. To ensure the continuation of the firm, Johann Berenberg took on his son-in-law Johann Hinrich Gossler (1738–90) as a new partner in 1769; he had married Berenberg's only daughter Elisabeth Berenberg (1749–1822) the previous year. The Gossler family is known since the 17th century, when Johann Hinrich Gossler's great-grandfather was a Hamburg burgher.[8] Elisabeth Berenberg was the last member of the Hamburg Berenberg family, which became extinct in the male line upon her death in 1822. Johann Hinrich Gossler and Elisabeth Berenberg were the founders of the Berenberg-Gossler family, that rose to great prominence in Hamburg from the late 18th century. In the 19th-century city republic of Hamburg the (Berenberg-)Gossler family and the closely related Amsinck family were widely regarded as the city state's two most prominent families.[9]

L.E. Seyler (1758–1836)

In 1788 Johann Hinrich Gossler took on a new partner, his son-in-law L.E. Seyler (1758–1836), who had married his eldest child Anna Henriette Gossler (1771–1836). From 1790, the company was led by L.E. Seyler, and his mother-in-law Elisabeth Berenberg was a partner in her own right from 1790 to 1800. L.E. Seyler, a son of the famous theatre director Abel Seyler, was one of Hamburg's foremost merchants in his lifetime, and served as President of the Commerz-Deputation and as a member of the city's government during the French rule of the city. To reflect Seyler joining the company, its name was changed to Joh. Berenberg, Gossler & Co. from 1 January 1791, and has remained unchanged since.

As head of the Berenberg company L.E. Seyler greatly increased the company's international trade, and was one of the first merchants and bankers from Germany who established trade relations with the newly independent United States and with East Asia. By 1800 the capital of the company has doubled since he became a partner. Seyler remained the company's senior partner for 46 years, and when he died in 1836 he had been with the company for 61 years. Seyler's seventeen years younger brother-in-law Johann Heinrich Gossler (1775–1842) joined the firm in 1798 and became a Hamburg senator in 1821; the two brothers-in-law jointly led the company for decades, with Seyler as the more experienced partner and Gossler gradually taking on more responsibilities as Seyler eventually retreated into semi-retirement.

During the Napoleonic Wars the company lost half its capital, but it emerged stronger than ever and quickly regained and surpassed its former size once the war ended.

Anna Henriette Gossler and L.E. Seyler's children were briefly co-owners of Berenberg Bank; they have many prominent descendants in Hamburg and Norway, e.g. in the family Paus. Her younger brother Johann Heinrich Gossler (II)'s son Hermann Gossler (1802–1877) was a senator and First Mayor of Hamburg. The latter's younger brother Johann Heinrich Gossler (III) (1805–1879) became a partner in the bank and was the father of Baron Johann von Berenberg-Gossler (1839–1913), who also became a partner in the bank. In 1880 the Hamburg Senate granted the latter the name of Berenberg-Gossler, and in 1888, he was ennobled in the Kingdom of Prussia as von Berenberg-Gossler. In 1910 Johann von Berenberg-Gossler was given the title Baron. Baron Johann von Berenberg-Gossler was the father of John von Berenberg-Gossler (1866–1943), a Senator and German Ambassador in Rome.[10][11]

Mortzenhaus, the company's seat from 1788

In the 19th century, the bank financed the industrialisation process in Hamburg and transportation activities, and was strongly involved in the North American trade and its finance. The company was (together with the merchant house H.J. Merck & Co.) one of the main founders of Germany's largest shipping companies, the Hamburg America Line (HAPAG) in 1847 and Norddeutscher Lloyd in 1857. They were also one of the main founders of Vereinsbank Hamburg (now the HypoVereinsbank) (1857), the Ilseder Hütte ironworks (1858), and the Norddeutsche Versicherungs AG (1857). The houses of Berenberg-Gossler, H.J. Merck and Salomon Heine were also the main founders of the Norddeutsche Bank in 1856, the first joint-stock bank in northern Germany and one of the predecessors of Deutsche Bank.[12] Furthermore, Berenberg Bank was among the founding shareholders of Bergens Privatbank (1855), the Hongkong and Shanghai Banking Corporation (1865), Den Danske Landmandsbank (1871) and Svenska Handelsbanken (1871).[13] Berenberg Bank had a close cooperation with Barings Bank of London and was Baring's representative in Germany.

The Berenberg family and company had branches in Portugal, Italy and London from the 17th century. A branch of the Berenberg family also established the London firm Meyer & Berenberg in the 17th century and were among London's prominent West Indies merchants. In recent years Berenberg's London office in Threadneedle Street has grown rapidly to become Berenberg's second largest office, focusing on investment banking and private banking for the ultra wealthy.[14]

The company's logo is a stylized version of the combined coat of arms of the Berenberg and Gossler families, featuring the Berenberg bear (adopted in the 16th century in Belgium) and the Gossler goose foot (adopted in 1773 by Johann Hinrich Gossler).

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  A stylized version of the combined Berenberg–Gossler coat of arms used as the logo of Berenberg Bank.
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  A 1727 tombstone in London (St Andrew's) featuring the Berenberg family's arms (right); it belonged to Sarah Anna Berenberg, a descendant of Berenberg Bank's founders, and her husband. She belonged to a British branch of the Berenberg family.

The bank is active in the following business segments:

• Private banking (typically, the minimum deposit required to open or maintain an account is €1 million)[15]
• Investment banking
• Asset management
• Corporate banking

Berenberg Bank has its head office in Hamburg and significant presences in London, Frankfurt and New York City, as well as offices in Düsseldorf, Munich, Münster, Stuttgart, Geneva, Luxembourg, Paris, Vienna, Boston, San Francisco, Chicago, and Shanghai. In Zurich, the previous subsidiary Berenberg Bank (Schweiz) AG, has established itself as an independent Swiss Private Bank, Bergos Berenberg AG, in September 2018. In 2017 Berenberg Capital Markets rented the entire 53rd floor of 1251 Avenue of the Americas in Manhattan.[16]

Together with Bankhaus Lampe, the bank additionally holds a stake in the Frankfurt-based investment company Universal Investment.

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  Berenberg's Frankfurt office in Bockenheimer Landstraße 25 in the Banking District
• 
  Berenberg's London office in 60 Threadneedle Street in the City of London
• 
  1251 Avenue of the Americas in Manhattan
• 
  The Zurich office of Bergos Berenberg AG, the former Berenberg Bank (Schweiz) AG

The Berenberg Bank Stiftung is a philanthropic foundation founded in 1990 on the occasion of the 400th anniversary of the establishment of Berenberg Bank. The chairman of the board is Joachim von Berenberg-Consbruch. The foundation awards several prizes, including the Berenberg Culture Prize to younger artists and the Berenberg Scholarships to individual artists and groups. From 2009, the Universitäts-Gesellschaft Hamburg has awarded the Berenberg Prize for Scientific Language, that promotes German as a scientific language.[17]

Berenberg Bank is the largest Hamburg donor to the CDU.[18]

Berenberg Bank is currently run by two personally liable partners, Hans-Walter Peters and Hendrik Riehmer.

The ownership structure is as follows:

• von Berenberg-Gossler family and relatives (including those not themselves descended from the Berenberg family) 30.4%
• PetRie Beteiligungsgesellschaft mbH (Hans-Walter Peters, Hendrik Riehmer) and Hans-Walter Peters 26.1%
• Andreas Brodtmann and former personally liable partners 1.5%
• Christian Erbprinz zu Fürstenberg 15.0%
• Jan Philipp Reemtsma 15.0%
• Compagnie du Bois Sauvage S.A. 12.0%

Partners

Berenberg family

No	Picture	Name and lifespan	Period	Head of the company	Notes
1		Hans Berenberg (1561–1626)	1590‒1626
2		Paul Berenberg (1566–1645)	1590‒1645
3		Hans Berenberg (1593–1640)	1626‒1640
4		Johann Berenberg (1622–1699)	1645–1699
5		Rudolf Berenberg (1623–1672)	1645–1672
6		Cornelius Berenberg (1634–1711)	1660–1711
7		Johann Berenberg (1674–1749)	1715–1749
8		Senator Rudolf Berenberg (1680–1746)	1715–1746
9		Rudolf Berenberg (1712–1761)	1739–1761
10		Senator Paul Berenberg (1716–1768)	1749‒1768
11		Johann Berenberg (1718–1772)	1749‒1772
12		Johann Hinrich Gossler (1738–1790)	1769‒1790	1772–1790	Husband of Elisabeth Berenberg; son-in-law of Johann Berenberg
14		Ludwig Erdwin Seyler (1758–1835)	1788–1836	1790–1836	Husband of Anna Henriette Gossler; son-in-law of Johann Hinrich Gossler and Elisabeth Berenberg. After his death, his children briefly were co-owners of the Berenberg company from 26 October to 31 December 1836[19]
15		Elisabeth Gossler née Berenberg (1749–1822)	1790‒1800		Daughter of Johann Berenberg; the last member of the Berenberg family in the male line; wife of Johann Hinrich Gossler
16		Senator Johann Heinrich Gossler (1775–1842)	1798 ‒1842	1836–1842	Son of Johann Hinrich Gossler and Elisabeth Berenberg
17		Johann Heinrich Gossler (1805–1879)	1830‒1879		Son of Johann Heinrich Gossler; grandson of Johann Hinrich Gossler and Elisabeth Berenberg
18		Elisabeth von Hosstrup (1789–1837)	1836		Daughter of L.E. Seyler and Anna Henriette Gossler; granddaughter of Johann Hinrich Gossler and Elisabeth Berenberg; wife of Gerhard von Hosstrup
19		Johann Hinrich Seyler	1836		Son of L.E. Seyler and Anna Henriette Gossler; grandson of Johann Hinrich Gossler and Elisabeth Berenberg
20		Emilie Homann	1836		Daughter of L.E. Seyler and Anna Henriette Gossler; granddaughter of Johann Hinrich Gossler and Elisabeth Berenberg
21		Louise Auguste Seyler	1836		Daughter of L.E. Seyler and Anna Henriette Gossler; granddaughter of Johann Hinrich Gossler and Elisabeth Berenberg
22		Maria Seyler	1836		Daughter of L.E. Seyler and Anna Henriette Gossler; granddaughter of Johann Hinrich Gossler and Elisabeth Berenberg
23		Louise Pinckernelle	1836		Daughter of L.E. Seyler and Anna Henriette Gossler; granddaughter of Johann Hinrich Gossler and Elisabeth Berenberg
24		Henriette Wegner (1805–1875)	1836		Daughter of L.E. Seyler and Anna Henriette Gossler; granddaughter of Johann Hinrich Gossler and Elisabeth Berenberg; wife of Norwegian industrialist Benjamin Wegner
25		Wilhelm Gossler (1811–1895)	1837–1858		Son of Johann Heinrich Gossler; grandson of Johann Hinrich Gossler and Elisabeth Berenberg
26		Baron John von Berenberg-Gossler (1839–1913)	1864–1913		Son of Johann Heinrich Gossler (1805–1879), great-grandson of Johann Hinrich Gossler and Elisabeth Berenberg
27		Ernst Gossler	1873–1893
28		Senator John von Berenberg-Gossler (1866–1943)	1892–1908
29		Baron Cornelius von Berenberg-Gossler (1874–1953)	1898–1953
30		Andreas von Berenberg-Gossler (1880–1938)	1908–1923
33		Baron Heinrich von Berenberg-Gossler (1907–1997)	1935–1979

Non-family partners

No	Picture	Name	Period	Head of the company	Notes
13		Franz Friedrich Kruckenberg (1746–1819)	1777‒1819		Joined Berenberg as an accountant and later became a partner. He was married to Johann Hinrich Gossler's younger sister Margaretha Katharina Gossler (1749–1795) and was thus the brother-in-law of Johann Hinrich Gossler and Elisabeth Berenberg, but not on the Berenberg side of the family.
31		Heinrich Burchard	1920‒1930
32		Walter Gleich	1923–1930
34		August Rohdewald	1948–1961
35		Heinz A. Lessing	1961–1979
36		Karl-Theodor Lindemann	1964–1972
37		Joachim H. Wetzel	1968–1998
38		Baron Peter von Kap-Herr	1976–1999
39		Joachim von Berenberg-Consbruch	1978‒2005	1979–2005	He was born Joachim Consbruch in 1940 and assumed the name von Berenberg-Consbruch in Hamburg in 1976 after his stepfather Cornelius von Berenberg-Gossler. He is not himself descended from the Berenberg family.
40		Claus-G. Budelmann	1988–2008
41		Andreas Odefey	1998–2000
42		Hans-Walter Peters	Since 2000	Since 2005
43		Guido M. Sollors	2004–2008
44		Andreas Brodtmann	Since 2009
45		Hendrik Riehmer	Since 2009

• Berenberg family
• Gossler family
• Seyler family

• Clarita Bernstorff, Hartwig Bernstorff, Emanuel Eckardt, Change is the only constant: Berenberg; a history of one of the world's oldest banks, Hanser Literaturverlage, 336 pages, ISBN 978-1-56990-601-9
• Maria Möring, Joh. Berenberg, Gossler & Co. Hamburg, Hamburg, Wirtschaftsgeschichtliche Forschungsstelle, 1961
• Joh. Berenberg, Gossler & Co.: Die Geschichte eines deutschen Privatbankhauses, Berenberg Bank, Hamburg 1990

Wikimedia Commons has media related to Berenberg Bank.

• Official website
• Official website (Luxembourg)
• Company history