![]() In addition, the bank rapidly perceived the value of specialist institutions for the promotion of foreign business. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time the Frankfurt branch dated from 1886 and the Munich branch from 1892, while further branches were established in Dresden and Leipzig in 1901. Joint ventures were symptomatic of the concentration then under way in the German banking industry. The bank formed alliances with large regional banks, giving itself an entry into Germany's main industrial regions. The second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp (1879) and introduced the chemical company Bayer to the Berlin stock market. Major projects in the early years of the bank included the Northern Pacific Railroad in the US and the Baghdad Railway (1888). ![]() The branch opening in London, after one failure and another partially successful attempt, was a prime necessity for the establishment of credit for the German trade in what was then the world's money center. Its first oversea-offices opened in Shanghai in 1872 and London in 1873 followed by South American offices between 18. The bank's first domestic branches, inaugurated in 18, were opened in Bremen and Hamburg.
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