The Edekabank AG is a

universal bank A universal bank participates in many kinds of banking activities and is both a commercial bank and an investment bank as well as providing other financial services such as insurance.Edeka The Edeka Group is the largest German supermarket corporation , holding a market share of 20.3%. Founded in 1907, it consists today of several co-operatives of independent supermarkets all operating under the umbrella organisation ''Edeka Zen ...

Group located at the Edeka House, New-York-Ring 6 in the City Nord in

Hamburg (male), (female) en, Hamburger(s), Hamburgian(s) , timezone1 = Central (CET) , utc_offset1 = +1 , timezone1_DST = Central (CEST) , utc_offset1_DST = +2 , postal ...

. The bank is the central financing institute of the Edeka

grocery A grocery store ( AE), grocery shop ( BE) or simply grocery is a store that primarily retails a general range of food products, which may be fresh or packaged. In everyday U.S. usage, however, "grocery store" is a synonym for supermarket, an ...

retailers and is active in consumer banking as

direct bank A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no ...

with online and phone consulting.

Business

The Edekabank was founded on 9 November 1914 in

Berlin Berlin ( , ) is the capital and largest city of Germany by both area and population. Its 3.7 million inhabitants make it the European Union's most populous city, according to population within city limits. One of Germany's sixteen constitue ...

to secure access to the equity market for all

cooperative A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-control ...

members of the Edeka-combine even in the crisis of

World War I World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...

. Still today the funding of Edeka-retailers and setting up businesses in the Edeka-combine is the bank's core business. The Edekabank is a member of the

German Cooperative Financial Group The German Cooperative Financial Group, german: Genossenschaftliche FinanzGruppe Volksbanken Raiffeisenbanken, sometimes referred to in English as "Volksbanken Raiffeisenbanken Cooperative Financial Network", is a major cooperative banking network ...

. As of December 31, 2020, with total

asset In financial accountancy, financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value ...

s of around 3.7 billion

Euro The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...

, the Edekabank belongs to the biggest 100 credit institutions in the

cooperative banking Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world. Cooperative banking, as discussed here, includes retail banking carr ...

union. The Edekabank-Group consists of the

parent company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

Edekabank AG and the

subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...

''Edeka Versicherungsdienst Vermittlungs-GmbH'' as well as the Edeka Leasing GmbH (now LGH ''Leasinggesellschaft für den Handel mbH'') until it was sold to Albis Leasing AG on October 1, 2015. The Edekabank exists in the legal form of an incorporated company. Its stocks are

registered share A registered share is a stock that is registered to the name of the exact owner. If the owner of such a share sells their share, the new owner must register with their name and other personal information such as address and birthdate. Registered ...

s with restricted transferability, which are not being traded at the

stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...

. Shareholders are the Edeka-Cooperatives (50,2 %), Edeka Zentrale AG & Co. KG (41,4 %) and the

DZ Bank DZ Bank AG () is the second largest bank in Germany by asset size and the central institution for around 800 cooperative banks and their around 8,500 branch offices. Within the German Cooperative Financial Group, which is one of Germany's lar ...

AG (8,4 %).

Business activity

Wholesale banking

The Edekabank services include payment transactions, cash supply and disposal, business accounts, investment loans, working fund loans and entrepreneur loans as well as financial consulting and intermediation of public funds. The Edekabank

broker A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confu ...

s industry insurances and company legal costs insurances as well as private risk coverage for entrepreneurs via its subsidiary ''Edeka Versicherungsdienst Vermittlungs-GmbH''. Via the Edeka Leasing GmbH, the Edekabank offered leading models for trade specific goods such as cash systems or cooling systems right up to complete store fittings.

Consumer banking

Private customers of the Edekabank are mostly looked after via internet or phone. In the Hamburg headquarter one branch with counter hall and consulting rooms operated until its closure on November 18, 2016. In the course of the branch closing the safe deposit locker system was changed to into a self-service unit. In the bank's

portfolio Portfolio may refer to: Objects * Portfolio (briefcase), a type of briefcase Collections * Portfolio (finance), a collection of assets held by an institution or a private individual * Artist's portfolio, a sample of an artist's work or a ...

holds all usual services and products in the areas of payment transaction, financial investments and financing. The Edekabank offers a free of charge check account (''Edeka-Konto'') with a kickback of 1% on purchases made in Edeka grocery stores (up to max. of 50 Euros per year). For the company's 100-year jubilee in 2014, the Edekabank raised the kickback to 2% (up to max. 100 Euros per year). Customers of the Edekabank have access to free cash

withdrawal Withdrawal means "an act of taking out" and may refer to: * Anchoresis (withdrawal from the world for religious or ethical reasons) * ''Coitus interruptus'' (the withdrawal method) * Drug withdrawal * Social withdrawal * Taking of money from a ban ...

at the over 19000 ATMs of the cooperative ''Bankcard-Servicenetz''. Included are also the bank's own 46 ATMs in some of the bigger Edeka grocery stores. Private customers receive various insurance products via the subsidiary ''Edeka Versicherungsdienst Vermittlungs-GmbH''.

Business locations

The business area of the Edekabank extends to all of

Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwe ...

. For the customer service, the bank sectioned its business area in three regions. The independent retailers in those regions are being looked after by mobile business customer consultants.

Technology

The Edekabank AG is affiliated to the cooperative

data center A data center (American English) or data centre (British English)See spelling differences. is a building, a dedicated space within a building, or a group of buildings used to house computer systems and associated components, such as telecommunic ...

of the

Fiducia & GAD IT AG Atruvia AG is the IT service provider of the German Cooperative Financial Group. The company based in Karlsruhe and Münster with further offices in Munich, Frankfurt and Berlin employs currently more than 4,600 staff (more than 6,700 including s ...

located in

Frankfurt Frankfurt, officially Frankfurt am Main (; Hessian: , "Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on its na ...

and uses the data center’s software bank21 as

core banking system Core banking is a banking service provided by a group of networked bank branches where customers may access their bank account and perform basic transactions from any of the member branch offices. Core banking is often associated with retail ba ...

References

External links

Official Website

''Edeka Versicherungsdienst Vermittlungs-GmbH'' Website
{{Authority control Banks of Germany Cooperative banks of Germany Corporate finance 1914 establishments