Austrian Volksbank Group
Austrian bank
The Volksbank Group (German pronunciation: [ˈfɔlksˌbaŋk ɡɹuːp], lit. 'People's Bank Group') is a cooperative banking group in Austria, whose central entity is Vienna-based Volksbank Wien AG. It includes seven other regional banks as well as a specialized bank for the health professions in Austria. 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.
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 ÔVAG 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.
“Austrian Volksbank Group” enters the record as austrian bank. Crown Archives preserves that source wording while asking what Austrian, Volksbank and Group can confirm, complicate or overturn.
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This entry incorporates text from “Austrian Volksbank Group” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.