GiroCredit Bank AG of the savings banks

The Giro Credit Bank Sparkassen (GiroCredit) is a former Austrian bank . It emerged in 1992 from a merger of the Institut Girozentrale and Bank der Österreichisches Sparkassen AG on the one hand and Österreichisches Credit-Institut AG on the other.

history

GiroCredit was founded by the savings banks in 1937 as a giro association of the Austrian savings banks in order to serve as the central institute of the savings bank group in Austria and as a clearing bank for payments between the savings banks. In 1992 the institute, which had meanwhile been renamed the Girozentrale der Österreichisches Sparkassen Aktiengesellschaft , merged with the ÖCI ( Austrian Credit Institute ) to form GiroCredit Bank Aktiengesellschaft der Sparkassen .

In 1994 the majority of the bank was taken over by the share management of the Zentralsparkasse (AVZ). At that time, AVZ was also the mother of Bank Austria . As a result, individual business areas of GiroCredit Bank AG and Bank Austria were ceded to joint subsidiaries (e.g. investment banking or asset management). At the end of 1996, the bank had total assets of 396 billion schillings, making it one of the largest Austrian banks.

In 1997 AVZ sold its majority stake in GiroCredit for ATS 8.24 billion (approx. EUR 600 million), which was merged with Erste Österreichische Spar-Casse - Bank AG to form Erste Bank der Österreichische Sparkassen AG .