 SMH's former headquarters inOffenbach am Main, Germany after the takeover by UBS | |
| Company type | Private company |
|---|---|
| Industry | Financial services |
| Predecessor | Schröder Gebrüder & Co., Münchmeyer & Co. and Friedrich Hengst & Co. |
| Founded | 1969 (1969) |
| Defunct | 1997 (1997) |
| Fate | Acquired |
| Successor | UBS |
| Headquarters | , |
Area served | Germany |
| Products | Investment banking |
Schröder, Münchmeyer, Hengst & Co. (also known asSMH) was a Germaninvestment bank andprivate bank based inHamburg, Germany. The firm was acquired in 1997 byUBS and the brand was eliminated in 2001.
Schröder, Münchmeyer, Hengst was formed through the 1969 merger of three German banks: Schröder Gebrüder & Co., Münchmeyer & Co. and Friedrich Hengst & Co. (formerly known as Bank Siegmund Merzbach).
SMH ran into serious difficulties in 1983 when it found itself overexposed toloans made to affiliated companies inLuxembourg. When one of the companies, a building machinery business, failed the entire firm failed. TheDeutsche Bundesbank and the German regulators brought together the bank's management and creditors to resolve the situation. Under pressure from the German regulators, the creditors ultimately agreed to a number of extensions and forgave a portion of the debt while management sought to sell its assets. SMH sold its investment banking and other profitable businesses toLloyds Bank.[1]
In 1997, SMH was acquired from Lloyds byUnion Bank of Switzerland in order to further penetrate the German investment banking market as well as the market for wealthy private clients.[2]
Initially it was intended that SMH would retain its own identity. However, after the merger ofUnion Bank of Switzerland withSwiss Bank Corporation in 1998, the combinedUBS began consolidating its diverse brands. In 2001, the bank dropped the use of the Schroeder, Muenchmeyer brand and the SMH stallion disappeared from the German banking landscape.
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