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Hermann J. Abswas a German banker and a leading figure in the West German âeconomic miracleâ following World War II.
Abs studied law for one year before joining a merchant bank in Cologne. After World War I, he obtained a series of posts, in Germany and abroad, learning the business of international banking. In 1938 he became a manager of Berlinâs Deutsche Bank, which had, since its founding in 1870, played a leading role in the German economy. Abs remained with the bank until it was broken up after World War II. In 1948 he was appointed the deputy supervisory board chairman of the Kreditanstalt fĂŒr Wiederaufbau (Credit Institute for Reconstruction), which distributed a significant portion of the Marshall Plan funds to business and industry. He also served as an adviser to the West German government.
Perhaps his most important government assignment was to serve as head of the West German delegation to the London debt negotiations (1951â53), which settled his countryâs foreign debts and set out conditions for establishing its creditworthiness. The debt accords, signed in February 1953, laid the groundwork for German economic redevelopment.
In 1957 the Deutsche Bank was reopened in Frankfurt, and Abs rejoined its managing board, becoming chairman of the supervisory board in 1967 and honorary chairman in 1976. During this period he continued to work with the Kreditanstalt, becoming chairman in 1959, and served as a board member of a number of major German corporations.
