Volkswagen Bank

Volkswagen Bank GmbH
Country	Germany
Seat	Braunschweig
legal form	GmbH
Bank code	270 200 00
BIC	VOWA DE2B XXX
founding	June 1949
Website	www.vwfs.de
Business data 2019
Total assets	€ 68.4 billion
Employee	1,954
management
Supervisory board	Jörg Boche (Chairman)
Corporate management	Michael Reinhart (Management Spokesman) Christian Löbke (Member of the Management) Harald Heßke (Member of the Management) Volker Stadler (Member of the Management)

The Volkswagen Bank GmbH is a German financial institution with headquarters in Braunschweig and was established in June 1949 in Wolfsburg founded under the name "Volkswagen finance company". It is a wholly owned subsidiary of Volkswagen AG . Its central task is to promote sales for the Volkswagen Group and its brands.

Establishment and business purpose

Volkswagen Bank was founded in 1949 with the aim of financing the purchase of the Volkswagen Beetle and Transporter models for private and business customers and thus increasing sales of the Volkswagen models . Even today, the main task of Volkswagen Bank is to promote sales for the Volkswagen Group and its brands. The range of services offered by Volkswagen Bank ranges from financing new and used vehicles of all brands in the Group to direct banking and dealer financing . Customers can take out vehicle financing directly through an authorized dealer of the Volkswagen Group in Germany.

The Volkswagen Bank provides targeted support for the corresponding vehicle financing to Audi , Seat and Škoda customers through the branches Audi Bank, Seat Bank and Škoda Bank. With the AutoEuropa Bank branch, Volkswagen Bank GmbH enables dealers outside the Volkswagen Group to offer financial services. The caravan and motorhome sectors are also covered there.

Business figures

With total assets as of December 31, 2019 of EUR 68.4 billion (2018: EUR 83 billion) and a portfolio of around 2.9 million customer financing agreements (previous year: EUR 2.5 million), Volkswagen Bank is the leading automotive bank in Europe. At the end of 2019, 1,121 people were working for Volkswagen Bank GmbH in Germany and 833 in the foreign branches of Volkswagen Bank GmbH.

The equity ratio was 14.6% at the end of 2019 (2018: 14.0%). The core capital ratio was 15.6% (2018: 15.5%). In 2019, earnings before taxes amounted to 785 million euros (2018: 515 million euros).

history

On June 30, 1949, the “Volkswagen Financing Company” was founded with the aim of promoting the sale of Beetles and Transporters by “granting loans”. On January 1, 1973, Volkswagen Financing Company Ltd was converted into a full bank with the name VW Kredit Bank GmbH , and in 1974 the Federal Banking Supervisory Office approved this.

In 1982 the headquarters were moved from Wolfsburg to Braunschweig. In 1994, as part of the restructuring of the Volkswagen Group's financial services activities, “Volkswagen Bank” and “ Volkswagen Leasing ”, founded in 1966, were transferred as wholly owned subsidiaries to “ Volkswagen Financial Services AG ”.

In 1997 the "Volkswagen Bank direct" achieved the status of one of the largest direct banks in Germany with over 185,000 customers and DM 3.2 billion in deposits . As the first automotive bank in Germany was in 1999 with the mediation of investment funds active in the securities business and in the mortgage service. In 2000, "Volkswagen Bank direct" introduced pure online accounts with higher credit interest rates and "WAP banking".

In 2001, the “Giro @ home” online current account was introduced . Now the "Volkswagen Bank direct" could be used as the primary bank for all banking transactions. With the introduction of "BörseDirect" in 2002, it gave its customers access to the capital markets.

In 2003, the free online current account “Young Giro @ home” was offered for trainees and students for the first time, including attractive credit interest, EC cards and Visa cards. In 2004, "Volkswagen Bank direct" was the first German bank to introduce the mobile TAN generator . In 2008, “Volkswagen Bank direct” offered the “SuperZins” fixed-term deposit exclusively in Lidl and Kaufland branches. At the end of the year, “Volkswagen Bank direct” had 812,000 customers and a deposit volume of 12.83 billion euros.

In 2009, Volkswagen Bank celebrated its 60th anniversary.

At the end of 2015, Volkswagen Bank had a deposit volume of 27.9 billion euros and 1.2 million customers.

VW Bank securities accounts are managed externally with the DAB BNP Paribas brand .

Volkswagen Bank has been a wholly-owned subsidiary of Volkswagen AG since September 1, 2017 .

literature

• Manfred Grieger, Ulrike Gutzmann, Dirk Schlinkert (eds.): Volkswagen Financial Services AG . Wolfsburg 2009 (Historical Notate), ISBN 978-3-935112-36-9 .

Web links

• Volkswagen Bank homepage
• Volkswagen Financial Services homepage
• Homepage of the Volkswagen insurance service
• Volkswagen Leasing homepage
• Volkswagen Bank in the company database of BaFin

Individual evidence

1. ↑ ^{a b} Master data of the credit institute at the Deutsche Bundesbank
2. ↑ The beetle has the credit. In: Wolfsburger Nachrichten. Edition of July 3, 2018

Coordinates: 52 ° 17 ′ 53.1 ″  N , 10 ° 31 ′ 0.5 ″  E