Austrian Volksbank Group
| Company type | Cooperative banking network |
|---|---|
| Industry | Banking, financial services |
| Founded | 1850 |
| Headquarters | Vienna , Austria |
Area served | Austria |
| Products | Banking services |
The Volksbank Group (, ) represents a cooperative banking network in Austria, with its headquarters based in Vienna at Volksbank Wien AG. The group consists of seven regional banking institutions alongside a dedicated bank catering to health sector professionals. Following the establishment of European Banking Supervision in 2014, this group has been designated as a Significant Institution and is subject to direct oversight by the European Central Bank.
Overview
At the close of 2015, Austria was home to 35 local Volksbanks, each organized either as cooperatives or corporate entities. By 2017, these entities merged into a streamlined structure comprising eight regional banks and two specialized banks, collectively operating under the unified framework known as the Association of Volksbanks. The largest among these is Volksbank Wien, which functions as the central institution within the group.
In July 2015, central operational responsibilities were shifted from Österreichische Volksbanken-Aktiengesellschaft (ÖVAG) to Volksbank Wien AG, coinciding with ÖVAG’s relinquishment of its banking license. The residual operations of ÖVAG continued under immigon portfolioabbau ag, an entity tasked with managing an orderly asset wind-down while safeguarding their value.
Association
The Österreichischer Genossenschaftsverband (ÖGV), established in 1872, acts as the main representative organization for members of the Volksbank Group.
Constituent Banks
- Volksbank Wien AG (Vienna)
- Volksbank Niederösterreich (Lower Austria)
- Volksbank Oberösterreich (Upper Austria)
- Volksbank Kärnten (Carinthia)
- Volksbank Salzburg (Salzburg)
- Volksbank Steiermark (Styria)
- Volksbank Tirol (Tyrol)
- Volksbank Vorarlberg (Vorarlberg)
- Österreichische Ärzte- und Apothekerbank, a specialized institution serving medical doctors and pharmacists
See also
- de Volksbank (Netherlands)
- German Cooperative Financial Group
- List of European cooperative banks