Volksbank_Group

Volksbank Group

Volksbank Group

Bank in Austria

This article is about the Austrian banking group. For other banks of the same name, see Volksbank.

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 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]

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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

  • 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

Notes

  1. [1]
    "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
  2. [2]
    "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
  3. [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. [4]
    "VBAG successfully split - immigon portfolioabbau ag".


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