History
1922 Österreichische Volksbanken-AG was founded in 1922 as the umbrella organisation of Austria’s local credit co-operatives in order to support these in fulfilling their service mandate. Its primary objective is to offset liquidity fluctuations among the Volksbanks which were founded in 1850 as commercial credit co-operatives.
1930 In 1930 the Austrian Union of Credit Co-operatives was founded under the name Österreichische Genossenschaftsverband and structured in accordance with the Schulze-Delitzsch system.
1974 In 1974, following a resolution of the general assembly held in June of the same year, the legal form of Zentralkasse der Volksbanken Österreichs reg.Gen.m.b.H was converted from a cooperative to a co-operative public limited company. Its Articles of Incorporation include the co-operative service mandate.
1991 In 1991, when the new Articles of Association were adopted, Österreichische Volksbanken-AG was converted from a regular central institution to a central institution with commercial banking functions.
In the same year, the go-ahead was given for setting up the banking network in central and eastern Europe which has since proved so successful: This made it possible to support and assist Austrian medium-sized businesses in expanding within the enlarged Europe. In 1991, Österreichische Volksbanken-AG was the first foreign bank to acquire a full banking licence in the former Czechoslovakia, which led to the founding of Ludova banka a.s. in Bratislava on 30 August 1991. Over the following years, expansion continued into Hungary, Slovenia, the Czech Republic, Croatia, Romania, Bosnia and Herzegovina, Serbia-Montenegro and the Ukraine.
1996 In 1996 the co-operation between Österreichischer Genossenschaftsverband and Deutsche Genossenschaftsbank started and culminated in July of the same year in the acquisition of a 25 % stake by Germany’s DZ Bank AG in VBAG.
1997 In order to streamline banking activities in CEE and deploy capital more effectively, VB-International GmbH was founded in 1997, converted into a joint stock company in 1999 and renamed Volksbank International AG (VBI AG) in 2000. Österreichische Volksbanken-AG’s holdings in its foreign subsidiaries were gradually transferred to VBI AG.
2001 In 2001, Volksbank Wien AG was founded and took over the branch network of VBAG. This strengthened the position of Volksbank in the Vienna area.
2002 In 2002 the existing co-operation between the local Volksbanks/VBAG and ERGO Insurance Group AG (VICTORIAVersicherung) was intensified through an increase in the latter’s holding in VBAG to 10 %.
2004 By 2004 VBAG Group already had branches in eleven central and eastern European countries and was present in all major global financial centres thanks to its relations with a large number of correspondent banks. In December both Banque Fédérale des Banques Populaires (BFBP), the French group of credit cooperatives, as well as Germany’s DZ Bank AG and WGZ-Bank each declared their intention of acquiring a 24.5 % share in Volksbank International AG. This transaction was carried out in 2005.
2005 In 2005, Österreichische Volksbanken-AG took over Investkredit Group in order to expand its market share in the Corporates, Real Estate and infrastructure financing sectors.
2008 By transferring Kommunalkredit Austria AG to the Republic of Austria on 3 November 2008, VBAG departed from the public finance segment. The strategic decision to withdraw from public financing had become inevitable due to adverse developments on the markets.
2009 In May, Mag. Gerald Wenzel has assumed the position of managing director of VBAG Group. He started his new assignment in VBAG’s most difficult business year and has initiated the restructuring of the Group.
2010 After the difficult business year of 2009 VBAG has been stabilized and generates profits. In the first quarter of 2010, VBAG achieved a turnaround. In order to strengthen the business model and streamline the Group’s structure, the sale of Europolis AG and the combination of VBAG and Investkredit was resolved by the board of directors and the supervisory board on 24 June 2010.
