Volksbank

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A Volksbank branch in Alswede (part of Volksbank Lübbecker Land eG)

There are several European banks that operate under the name "Volksbank" (German for "people's bank").

There are also 1,099 independent local Volksbanken in Germany. They are completely separate from the Austrian Association of Volksbanks. Volksbanken are also known as VB (the name has the same origin as VW Volkswagen - VOLK is the German word for people) or as VR (VR means Volksbanken Raiffeisenbanken). The German association is one of the world's largest financial conglomerates and is both larger and more important than the Austrian Association of Volksbanks.

Germany - Volksbanken Raiffeisenbanken

Main article: Volksbanken und Raiffeisenbanken
Bundesverband der Deutschen Volksbanken und Raiffeisenbanken e. V. (BVR)
Company typeCommercial Association
IndustryFinance and Insurance
Founded1840
HeadquartersBerlin, Germany[1]
ProductsFinancial Services
US$ 371,430 million interest income (2012)[2]
US$ 93,000 million (2012)
Number of employees
159,750[3] in 13,211[4] branches (2012)
Websitewww.bvr.de

The "Bundesverband der Deutschen Volksbanken und Raiffeisenbanken" (Federal Association of Volksbanken and Raiffeisenbanken) is a consortium of 1,099[5] independent credit unions, which represents the banks as Germany's largest banking group in several marketing affairs and as service partner Genossenschaftliche Finanzgruppe Volksbanken Raiffeisenbanken - Cooperative Financial Group.

The Genossenschaftliche Finanzgruppe is the only banking group which survived the financial crisis of 2007-08 without any state intervention.

Companies of the Genossenschaftliche Finanzgruppe

  • DZ Bank - Central Bank of Germany
  • WGZ Bank - Central Bank of Rhineland and Westphalia
  • DG HYP - mortgage bank
  • Münchener Hypothekenbank - mortgage bank
  • WL BANK - Investment for banks
  • Bausparkasse Schwäbisch Hall - building society
  • R+V Versicherung - insurance services
  • Union Investment Gruppe - asset management
  • VR LEASING Gruppe - investment financing
  • easyCredit - personal loans
  • DZ PRIVATBANK - private banking, asset management
  • VR Equitypartner - equity funding
  • VR Mittelstandskapital

13 January 2013 robbery at Berliner Volksbank

On 13 January 2013 robbers stole goods from 100 private safe deposit boxes located in Steglitz, Berlin. In the official statement the police said that bank security officer noticed smoke coming from the deposit room on Monday morning (January 14). Next they found broken deposit boxes and a 30 m tunnel, the digging of which probably took a couple of weeks or even months. The tunnel (external pictures) was reportedly so well constructed that it had ceiling supports and was about 3 feet wide.[6] It connected the bank deposit and a nearby underground parking lot. Probably nobody noticed anything, because the parking lot was shielded by roulettes, and people thought that this part was under repair. There are some similarities between this robbery and the Baker Street robbery in London.[7]

Austria - Association of Volksbanks

Association of Volksbanks
Company typePrivate
IndustryFinance and Insurance
Founded1850
HeadquartersVienna, Austria
ProductsFinancial Services
Number of employees
4,400 (2015)
Websitewww.volksbank.at
Volksbank in Vienna.

In Austria there are 35 local Volksbanks (by end of 2015), each oft them organized as a cooperative or a corporation. Until 2017 they will merge to 8 regional banks and 2 specialized banks. They build an integrated system of banks (Association of Volksbanks) connected trough a contract of collaboration. The central institution is VOLKSBANK WIEN AG, the biggest regional bank of the association.[8] The central service functions were transferred from Österreichische Volksbanken AG (ÖVAG) to VOLKSBANK WIEN AG in July 2015. ÖVAG itself surrendered its banking license.[9] The "remainder of ÖVAG" continues 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.

References

  1. ^ "Impressum - Volksbanken Raiffeisenbanken".
  2. ^ http://www.bvr.de/p.nsf/C1697EACD799A156C12577C00045E9D0/$FILE/Ertragsentwicklung2013.pdf
  3. ^ http://www.bvr.de/p.nsf/977DFF4D370A1F63C12577C00045E9D6/$FILE/MELDUNG-BUNDESBANK-BESCHAEFTIGTE-ENDE2012.pdf
  4. ^ http://www.bvr.de/p.nsf/95EE9E53C15BD93AC12578530051ADB0/$FILE/Geschaeftsentwicklung2013.pdf
  5. ^ http://www.bvr.de/p.nsf/02EC902694F96918C12577C00045E9D4/$FILE/Liste-aller-Banken-Bilanzsumme2013.pdf
  6. ^ "Bank Robbery Tunnel Photos Released". ABC News.
  7. ^ Polska, Grupa Wirtualna (23 January 2013). "Spektakularny napad na bank".
  8. ^ https://www.volksbank.at/m101/volksbank/zib/downloads/geschaeftsberichte/verbund-bericht_2015_d_zahlen_04.pdf
  9. ^ "VBAG successfully split - immigon portfolioabbau ag".

External links

Wikimedia Commons has media related to Volksbank.

Former subsidiaries of Volksbank, which have been sold to Sberbank of Russia:

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