Volksbank Group
 | |
 Head office of Volksbank in Vienna | |
| Company type | Private |
|---|---|
| Industry | Finance and Insurance |
| Founded | 1850 |
| Headquarters | Vienna, Austria |
| Products | Financial services |
Number of employees | 4,400 (2015) |
| Website | www |
The Volksbank Group is a cooperative banking group in Austria, whose central entity is Vienna-based Volksbank Wien AG. It includes seven other regional banks (Volksbank Niederösterreich in Lower Austria, Volksbank Oberösterreich in Upper Austria, Volksbank Kärnten in Carinthia, Volksbank Salzburg in Salzburg, Volksbank Steiermark in Styria, Volksbank Tirol in Tyrol, Volksbank Vorarlberg in Vorarlberg) as well as a specialized bank for the health professions in Austria, the Österreichische Ärzte- und Apothekerbank. 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]
The representative association of the Volksbank Group members is the Österreichischer Genossenschaftsverband, established in 1872.
Overview[edit]
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 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.
See also[edit]
- de Volksbank in the Netherlands
- German Cooperative Financial Group
Notes[edit]
- ^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
- ^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
- ^ "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) - ^ "VBAG successfully split - immigon portfolioabbau ag".
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