Volksbank Group

This article is about the Austrian banking group. For other banks of the same name, see Volksbank.
Association of Volksbanks
Company typePrivate
IndustryFinance and Insurance
Founded1850
HeadquartersVienna, Austria
ProductsFinancial services
Number of employees
4,400 (2015)
Websitewww.volksbank.at

The Volksbank Group (German pronunciation: [ˈfɔlksˌbaŋk ɡɹuːp], lit. 'People's Bank Group') is a cooperative banking group in Austria, whose central entity is Vienna-based Volksbank Wien AG. It includes seven other regional banks as well as a specialized bank for the health professions in Austria. The group has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.[1][2]

Overview

Head office of ERGO, the Volksbank Group's insurance arm, Schottengasse 10 in Vienna

There were 35 local Volksbanks in Austria by end of 2015, each of them organized as a cooperative or a corporation. By 2017 they merged to 8 regional banks and 2 specialized banks. They form an integrated system of banks (Association of Volksbanks) connected through a contract of collaboration. Volksbank Wien is the largest regional bank of the association and acts as central entity for the network.[3]

The central service functions were transferred from ÔVAG [de] to Volksbank Wien AG in July 2015. ÖVAG itself surrendered its banking license.[4] The "remainder of ÖVAG" subsequently continued to operate as a wind-down entity under the name of immigon portfolioabbau ag. Immigon is responsible for ensuring the orderly, active and value-preserving wind-down of its assets.

Association

Head office of the ÖGV; Löwelstrasse 14-16 in Vienna

The representative association of the Volksbank Group members is the Österreichischer Genossenschaftsverband [de] (ÖGV), established in 1872.

Constituent Banks

See also

Notes

  1. ^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
  2. ^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
  3. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2016-08-17. Retrieved 2016-07-11.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ^ "VBAG successfully split - immigon portfolioabbau ag".


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