Bank of Saxony

With the founding of the German Empire in 1871, individual states such as the Kingdom of Saxony lost their right to legislate with regard to the monetary system.

The Reichsbank, established by imperial legislation of 14 March 1875, did not receive a monopoly on the issue of banknotes, however, and the existing local central banks retained the right to issue banknotes to the extent set out in an appendix to Section 9 of the law.

From the 1920s, the Bank of Saxony also operated bus routes through subsidiaries, which often took over feeder services to the state railway lines.

[3]: 14  To avoid liquidation, it cooperated with the Sächsische Staatsbank [de] and took over the latter's customer business on 1 January 1937.

In 1945, both the Sächsische Staatsbank and the Bank of Saxony were expropriated without compensation by the Soviet occupation authorities.