Volksbank Group

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 (Volksbank Niederösterreich in Lower Austria, in Upper Austria, in Carinthia, in Salzburg, Volksbank Steiermark in Styria, in Tyrol, in Vorarlberg) as well as a specialized bank for the health professions in Austria, the . 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.

The representative association of the Volksbank Group members is the , established in 1872.

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 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.

See also

* de Volksbank in the Netherlands
* German Cooperative Financial Group

Notes

Banks established in 1850
Banks under direct supervision of the European Central Bank
Cooperative banks of Austria

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