The PSD Bank München which has its headquarters in

Augsburg Augsburg (; bar , Augschburg , links=https://en.wikipedia.org/wiki/Swabian_German , label=Swabian German, , ) is a city in Swabia, Bavaria, Germany, around west of Bavarian capital Munich. It is a university town and regional seat of the ' ...

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 ...

, is a regional operating

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 ...

for private customers, who are part of the PSD Banking Group. The bank is a member of the ''

Bundesverband der Deutschen Volksbanken und Raiffeisenbanken The National Association of German Cooperative Banks (german: Bundesverband der Deutschen Volksbanken und Raiffeisenbanken, BVR) is the umbrella association for the German Cooperative Financial Group. Its origins go back to 1864 as . As of 2015 ...

'' (BVR), together with 13 other independent PSD banks. Its business area expands across

Swabia Swabia ; german: Schwaben , colloquially ''Schwabenland'' or ''Ländle''; archaic English also Suabia or Svebia is a cultural, historic and linguistic region in southwestern Germany. The name is ultimately derived from the medieval Duchy of ...

Upper Bavaria Upper Bavaria (german: Oberbayern, ; ) is one of the seven administrative districts of Bavaria, Germany. Geography Upper Bavaria is located in the southern portion of Bavaria, and is centered on the city of Munich, both state capital and seat o ...

and

Lower Bavaria Lower Bavaria (german: Niederbayern, Bavarian: ''Niedabayern'') is one of the seven administrative regions of Bavaria, Germany, located in the east of the state. Geography Lower Bavaria is subdivided into two regions () – Landshut and Donau-W ...

, where the bank serves about 85,000 private customers. The PSD is among

Munich Munich ( ; german: München ; bar, Minga ) is the capital and most populous city of the States of Germany, German state of Bavaria. With a population of 1,558,395 inhabitants as of 31 July 2020, it is the List of cities in Germany by popu ...

s biggest cooperative banks, with total assets of over 2 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 . ...

. Its legal supervision is carried out by the

Federal Financial Supervisory Authority The Federal Financial Supervisory Authority (german: Bundesanstalt für Finanzdienstleistungsaufsicht, Bundesanstalt für Finanzdienstleistungsaufsicht) better known by its abbreviation BaFin is the financial regulatory authority for Germany. It ...

Services

The bank offers financial services to private customers in the areas construction financing,

installment loan An installment loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and ...

investment Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing i ...

products and giro. The areas property agency, building society savings, insurances and stocks are being covered through cooperation's with the Bausparkasse Schwäbisch Hall, the DeTeAssekuranz,

Franklin Templeton Investments Franklin Resources, Inc. is an American multinational holding company that, together with its subsidiaries, is referred to as Franklin Templeton; it is a global investment firm founded in New York City in 1947 as Franklin Distributors, Inc. It is ...

as well as the

Union Investment Union Investment (; formal name Union Asset Management Holding AG) is the investment arm of the DZ Bank Group and part of the cooperative financial services network. It was founded in 1956 and is headquartered in Frankfurt. Trading in open-en ...

. The bank is a member of the ''

Bankcard-Servicenetz The Bankcard-Servicenetz () is a German ATM card interbank network group provided by the Volksbanken und Raiffeisenbanken services group. Technically it is not an interbank network but uses the pre-existing girocard network. Member banks of this ca ...

''. The PSD Bank Munich offers customer service in Augsburg and Munich.

Social and sponsoring activities

In the business area of the PSD Bank München a number of projects from the spheres of sport, education, social and environment receive annual support. In 2016

charitable organization A charitable organization or charity is an organization whose primary objectives are philanthropy and social well-being (e.g. educational, Religion, religious or other activities serving the public interest or common good). The legal definitio ...

s and associations from the region were supported with 199,000 Euro.

References

External links

official website PSD Bank München
{{coord, 48.37696, 10.88423, region:DE-BY_type:landmark, display=title Banks of Germany Cooperative banks of Germany Corporate finance