 | |
 Part of Volksbank head office complex at Dietrichgasse 25 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 (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.
Overview
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.
The central service functions were transferred from ÔVAG [de] to Volksbank Wien AG in July 2015. ÖVAG itself surrendered its banking license. 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
The representative association of the Volksbank Group members is the Österreichischer Genossenschaftsverband [de] (ÖGV), established in 1872.
Constituent Banks
- Volksbank Wien AG (Vienna)
- Volksbank Niederösterreich (Lower Austria)
- Volksbank Oberösterreich [de] (Upper Austria)
- Volksbank Kärnten [de] (Carinthia)
- Volksbank Salzburg [de] (Salzburg)
- Volksbank Steiermark (Styria)
- Volksbank Tirol [de] (Tyrol)
- Volksbank Vorarlberg [de] (Vorarlberg)
- Österreichische Ärzte- und Apothekerbank [de], a specialized banks for doctors and pharmacians
See also
- de Volksbank in the Netherlands
- German Cooperative Financial Group
Notes
- "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".
 | This European bank or insurance-related article is a stub. You can help Misplaced Pages by expanding it. |