|Type||Subsidiary of Unicredit|
|Industry||Finance and Insurance|
|Key people||Theodor Weimer since April 2008|
UniCredit Bank Aktiengesellschaft (formerly Bayerische Hypo- und Vereinsbank AG, commonly referred to as HypoVereinsbank or HVB) is the sixth-largest private German financial institution, with a strong presence in Bavaria.
The company is based in Munich and, together with Deutsche Bank, Dresdner Bank, Commerzbank and Deutsche Postbank, it belongs to the Cash Group. The UniCredit Bank AG group employs some 18,000 people, operates approximately 780 branches, and has more than 8.5 million clients. The bank's business focuses on Germany. The spokesman for the executive board is currently Theodor Weimer. Other board members are: Peter Buschbeck, Lutz Diederichs, Heinz Laber, Peter Hofbauer, Andrea Umberto Varese and Andreas Wölfer.
HVB Group was formed in 1998 from the merger of Bayerische Vereins-bank AG and Bayerische Hypotheken- und Wechsel-Bank AG, which were the two main Bavarian-based regional banks at that time. On 24 November 2005 its takeover by UniCredit Group was completed after an offer of five new UniCredit shares for one Hypo- und Vereinsbank share was accepted by shareholders representing 93.93% of the company. Bayerische Vereinsbank had already absorbed Vereins- und Westbank AG in 1990.
In the news
In 2012 HypoVereinsbank was in the news because of charges of money laundering originally reported by Gustl Mollath, whose wife was an HVB employee. Mr. Mollath has been involuntarily incarcerated for psychiatric treatment since 2006 over his charges of money laundering by HVB and counter-charges by his wife. The court accepted that Mollath's charges were paranoid delusions and also accepted his wife's counter-charges of abuse, which Mollath denied. HVB subsequently sacked Mollath's wife and others consequent to an internal investigation of money-laundering. HVB apparently was aware of the veracity of Mollath's charges at the time of his incarceration as the internal investigation was made in 2003.
On 29 November 2012, the Tagesschau/ARD reported about a main raid in the Munich headquarter as well as in 12 other buildings. According to the tagesschau, the Süddeutsche Zeitung is reporting about the raid that happened on 28 November. More than 60 prosecutors, tax investigators and police detectives have raided the Bank, so the newspaper quoted by the tagesschau. That article in the SZ was written by Thomas Fromm and Klaus Ott and was also quoted by Der Spiegel the very same day. According to the Süddeutsche Zeitung on 30 November 2012, the prosecution department that raided the Munich headquarter as well as buildings on 12 other places was the general prosecution department Frankfurt.
- Salamie, David E. (1988) HVB Group. International Directory of Company Histories, Volume 59.
- Mergers and Acquisitions in Banking and Finance New York University and Director New York University Salomon Center Ingo Walter Charles Simon Professor of Applied Financial at Stern School - 2003 Page 145 "For example, when Bayerische Vereinsbank and Vereins- und Westbank merged in 1990, the integration team tried to calculate how many man-years it would take to complete each IT integration approach (Penzel and Pietig 2000)."
- The Guardian, 28 November 2012
- tagesschau/ARD, 29 November 2012
- Süddeutsche Zeitung: Schlag gegen die Hypo-Vereinsbank, 29 November 2012
- SPIEGEL: Fahnder durchsuchen HypoVereinsbank
- Süddeutsche Zeitung - Nach Razzia bei der Hypo-Vereinsbank. Die Spur führt in die Schweiz 30 November 2012. According to the article, the Bank was participating in deals initiated by a Swiss private bank that deprived the treasury of 124 Million Euro. ("Million" as 124 thousands of thousands).
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