The Wüstenrot Bank AG Pfandbriefbank was a German bank based in
Ludwigsburg. As a branchless
direct bank, it offered
checking accounts, payment cards and securities trading.
Company History
On 9 August 1968, the ''Wüstenrot Bank AG'' for Housing was registered in the commercial register at the
district court Ludwigsburg. The main task of the bank at that time was to support the customers of the ''
Bausparkasse'' in financing their real estate projects. Later, the entire non-collective deposit business was taken over by the ''Bausparkasse''.
In 1985, the construction of the first 10 bank branches began. In 1988 there were already 34 branches with 300 employees on the ground, and the range was expanded to include all forms of money and asset formation,
current account Current account or Current Account may refer to:
* Current account (balance of payments), a country's balance of trade, net of factor income and cash transfers
* Current account (banking)
A transaction account, also called a checking account, ch ...
payments,
personal loans and securities transactions. The bank's name was also shortened to Wüstenrot Bank AG.
However, the field service - especially the ''Wüstenrot Bausparkasse'' - saw the branches increasingly as competitors. The bank's sales did not perform as expected and lacked the necessary returns. In 1990, a reorganization took place centralizing all administrative tasks in the central administration and new, cheaper locations for the remaining branches were sought after. At the end of 2002 the last branch was dissolved.
In 2005, the Wüstenrot Bank AG merged with ''Wüstenrot Hypothekenbank'' to form ''Wüstenrot Bank AG Pfandbriefbank''. It became one of the first universal banks with mortgage bond license under the new law.
On June 1, 2017, 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 ...
''
Wüstenrot & Württembergische AG'' announced that a sale of the bank would be considered. At the end of March 2018, the sale was made to ''Bremer Kreditbank''.
Affiliation
Client funds are secured by the Deposit Guarantee Fund of the Federal
Association of German Banks and
Entschädigungseinrichtung deutscher Banken The Deposit guarantee scheme of German banks (''Entschädigungseinrichtung deutscher Banken'' in German) is a private institution legally responsible for guaranteeing the deposits of account holders of German banks in accordance with domestic legisl ...
. Since 2017,
online banking has been offered in cooperation with
GAD, which was previously an in-house development. Furthermore, the ''Wüstenrot''
ATMs are connected to
CashPool
CashPool is a cooperation of a multitude of smaller or virtual German private banks, in which they mutually waive ATM usage fees for their customers. It is not an interbank network but uses the pre-existing German ATM or Maestro/Cirrus netw ...
.
References
{{Authority control
Banks of Germany
Banks established in 1968
Corporate finance
1968 establishments in Germany