Stadtsparkasse München is one of the oldest

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

s in

Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...

founded in 1824. The bank has total assets of more than 23 billion euro and is the fourth largest Sparkasse-group bank in

. It is an institution under the public law and the legal basis is the Savings Banks Act,

Bavaria Bavaria, officially the Free State of Bavaria, is a States of Germany, state in the southeast of Germany. With an area of , it is the list of German states by area, largest German state by land area, comprising approximately 1/5 of the total l ...

n Savings Bank Regulations, and Articles of Association issued by the City Council. The bank is owed by the City of Munich, head of the board is major

Dieter Reiter Dieter Reiter (born 19 May 1958) is a German politician and the mayor of Munich, the capital of the state of Bavaria. He is a member of the Social Democratic Party. Career Reiter was born in Rain, Swabia. He studied at the Fachhochschule für ...

(

SPD The Social Democratic Party of Germany ( , SPD ) is a social democratic political party in Germany. It is one of the major parties of contemporary Germany. Saskia Esken has been the party's leader since the 2019 leadership election together wi ...

Services

The Stadtsparkasse provides the universal

banking A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

business. It is a market leader in the private customer area in relation to main bank connections. Measured by the average

balance sheet In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business ...

, it is the largest Bavarian and fifth largest German

savings bank A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks ha ...

. The Stadtsparkasse cooperates with the LBS Bayerische Landesbauparkasse, DekaBank and Versicherungskammer Bayern, etc.

History

On January 2, 1824, the Stadtsparkasse München (municipal savings bank) opened its first branch in Munich and was known as the "People's Bank". After the Second World War, it financed large parts of the reconstruction of Munich. The bank's branches were located in drugstores and pharmacies. In 1894 there were twelve branches. In 1977 the bank had 100 and since then the number has been falling again. In 2023 there were 46.

Charity

In 2014 it donated about 4.3 million euros for the social and cultural projects via its 6 foundations: *Kundenstiftung "Gemeinsam Gutes tun" *Kinder- und Jugendstiftung der Stadtsparkasse München *Stiftung Soziales München *Kulturstiftung *Stiftung Straßenkunst *Altenhilfestiftung.

References

''Article contains translated text from Stadtsparkasse München on the

German Wikipedia The German Wikipedia () is the German-language edition of Wikipedia, a free and publicly editable online encyclopedia. Founded on 16 March 2001, it is the second-oldest Wikipedia edition (after the English Wikipedia). It has articles, ma ...

retrieved on 7 March 2017.''

External links

Homepage
Banks of Germany Public finance of Germany Banks established in 1824 1824 establishments in Europe Financial services companies based in Munich {{Germany-company-stub