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57-606: The bank was founded in 1822 and is part of the Austrian Sparkassengruppe Österreich . As of 2018 it held a leading position in its regional market with a market share of around 30% for private customers and almost 50% for corporate customers in the region with around 153,500 customers. It is a member of the Austrian Savings Banks Liability Association, which guarantees the payment of customer deposits in excess of

114-696: A 74.98756% majority interest in Tiroler Sparkasse Bankaktiengesellschaft Innsbruck. The remaining 25.01244% are owned by the private foundation of Sparkasse Innsbruck-Hall , Tiroler Sparkasse. Sparkassengruppe %C3%96sterreich The Sparkassengruppe Österreich ( lit.   ' Austrian Savings Bank Group ' ) brings together all savings banks ( German : Sparkassen ) in Austria . Tracing its origins to 1819, it serves around 4 million customers in 797 branches with more than 15,500 employees, with

171-547: A brief period of prosperity after 1924, the savings banks again experienced stress around the banking crisis of 1931 , but had been managed cautiously enough that, unlike most commercial banks, they withstood the dislocation following the crash of Creditanstalt ; despite massive deposit withdrawals, no single savings bank failed or even suspended payments for a single day. At the end of 1937, there were 197 savings banks in Austria; almost half of their aggregate deposits were held in

228-593: A consequence is directly supervised by the European Central Bank . RBI is a member of Österreichischer Raiffeisenverband  [ de ] (Austrian Raiffeisen Association), which amongst other things functions as the interest representation association for all Austrian Raiffeisen cooperatives. At the end of February 2010, RZB CEO Walter Rothensteiner announced that a possible merger of some operations of RZB with Raiffeisen International Bank-Holding AG (RI), an intermediate holding company created in

285-670: A consolidating entity. The latter feature stands in contrast to Germany , where the Sparkassen are supervised individually as separate entities even though they are joined in an institutional protection scheme . Another difference is that the German Sparkassen-Finanzgruppe has no significant foreign operations, whereas Erste Group Bank AG has significant subsidiaries in Central and Eastern Europe . The first Austrian savings bank, as its name indicates,

342-474: A customer share in Austria around 31.2% as of December 2022. The group has a complex decentralized structure but relies critically on Erste Group Bank AG , which owns the main local savings bank in Vienna , operates central functions, owns and manages subsidiaries outside of Austria, and consolidates group accounts. The Österreichischer Sparkassenverband acts as the group's national representative body. In 2020

399-520: A mortgage bank established in 1941. Outside of Vienna, the 46 local savings banks extant as of early 2024 are, by chronological order of creation (of the oldest entity in cases of subsequent mergers): Die Zweite Sparkasse (full name Die Zweite Wiener Vereins-Sparcasse ) is a Vereinssparkasse created in 2006 by the ERSTE Foundation in Vienna. It relies on volunteer work from employees of

456-676: A separate entity, Haftungsverbund GmbH. It overlaps, but does not coincide, with the institutional guarantee scheme, which relies on an "ex-ante fund" managed by a jointly owned entity, IPS GesbR. As an exception to the Haftungsverbund , the Allgemeine Sparkasse Oberösterreich in 2009 secured a trilateral cross-guarantee agreement with Erste Group Bank and Erste Bank Österreich. As of August 2022, Haftungsverbund GmbH's shareholders were Erste Bank Österreich (51 percent) and Erste Group Bank AG (1 percent),

513-436: A significant expansion of their scope of business. Volunteers were replaced on savings bank boards by full-time executives, and most state regulations were phased out. At the same time, the branch network and the associated number of employees kept expanding. In order to offer all financial services, numerous subsidiaries in the insurance, leasing and investment sectors were founded. There were also two major waves of mergers, with

570-433: A significant reduction in savings banks from 162 in 1979 to 75 in 1995. Waves of mergers reduced the total number of savings banks to 128 in 1983, and 74 in 1994. The Austrian savings banks sector underwent major structural change in the 1990s. Following new legislation in 1986, many savings banks transferred their operations to joint-stock subsidiaries, which allowed the latter to raise external equity capital. In 1990–1991,

627-642: A statement commenting on the RBI press release. The NBU pointed out that they see a positive shift in the rhetoric, however, they also acknowledge the lack of a specific plan that will further reduce RBI operations and presence in Russia and lead to the spin-off. On the other hand, the NBU pointed out the systematic contribution of RBI’s subsidiary in Ukraine - Raiffeisen Bank Aval JSC , to the country's financial stability during

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684-523: Is expected to reach almost €3 billion and the client base to exceed one million. The merger of Raiffeisen banka a.d. Beograd and Crédit Agricole Srbija A.D. Novi Sad is expected to be completed by the end of the second quarter of 2023. In November 2021, Belgium-based KBC Bank and Raiffeisen Bank International reached an agreement for KBC to acquire 100% of the shares of Raiffeisenbank (Bulgaria) EAD, comprising RBI’s Bulgarian banking operations. In March 2022, Bulgaria's competition regulator said that it gave

741-531: Is one of the few large international banks that did not wind down its business after Russia's invasion of Ukraine . The Russian division of Raiffeisen has the status of a systemically important bank, ranks second in terms of net profit and provides half of the group's net profit (4,2 billion Euros). OFAC sent a request to the bank to "clarify" the bank's business activity in Russia in the light of recent events. Raiffeisen promised to answer questions in several stages during April–June 2023. In March 2023, Raiffeisen

798-642: The Girozentrale der Ostmärkische Sparkassen was established as a centralizing organization for the German savings banks along similar lines to the German Girozentralen that had been created in the previous four decades. After the currency stabilization in 1952, the savings bank system underwent its most successful phase to date, with extremely high growth rates, although there were also strong government restrictions to combat inflation until

855-486: The Financial Times , banks such as JSC Raiffeisenbank , JSC UniCredit Bank , JSC Commercial Bank Citibank , and others are still operating in Russia. The majority of banks stopped further investments in their Russian subsidiaries. However, it is worth noting that Société Générale was able to leave Russia and sell its assets to Rosbank . That resulted in an estimated loss for the bank of 3.3 billion euros. On

912-658: The Austrian Financial Market Authority as a mandatory deposit guarantee scheme in line with Austrian and EU legislation. Under Austrian law, the Sparkassengruppe deposit guarantee scheme may be called to intervene if the other two schemes, the uniform Einlagesicherung Austria (ESA) and that of the Raiffeisen Banking Group , are depleted; conversely, the two other schemes may protect savings banks' depositors if

969-506: The ERSTE Foundation was created and became Erste Bank's parent entity. Meanwhile, the group expanded to 12 Eastern and Southeastern European countries. Erste Group Bank was founded in 2008 to serve as holding company, fully owning Erste Bank in Austria (now known as Erste Bank Österreich  [ de ] ) and also owning the group's foreign operations. As of the end of 2022, the ERSTE Foundation controlled 24.2 percent of

1026-550: The Prüfungsstelle ), jointly with an external audit firm. Raiffeisen Bank International Raiffeisen Bank International (RBI) is a key entity of the decentralized Raiffeisen Banking Group in Austria , acting both as the latter's domestic central financial entity and as the holding company for all the group's operations outside of Austria. The bank is listed on the Wiener Börse . Its major shareholders are

1083-621: The 1970s. In 1957, the Girozentrale was restructured from its Anschluss-era legal form under public law to a joint-stock corporation, the Girozentrale der Österreichische Sparkassen AG , subsequently renamed Girozentrale und Bank der österreichische Sparkassen AG in 1965. In 1979, through the Banking Act and the Savings Banks Act, the savings banks were placed on an equal footing with other credit institutions, which meant

1140-522: The 7th of April, according to a publication in the Russian media, the Russian branch of RBI stopped issuing new cards with the package “salary”. The official bank comment was that this decision was based on “the market analysis”. However, this could also be a result of the change in rhetoric and statement about reduction of services made earlier. The next day, the National Bank of Ukraine released

1197-506: The RZB on 7 July 2010 and RI on the following day. Raiffeisen Bank International began its activities on 11 October 2010. By the end of 2010, it served over 14 million customers with about 3,000 branch offices. In 2013, Raiffeisen Bank International opened a branch in Hong Kong . Two years later, its Xiamen branch and Harbin office closed. In 2016, Raiffeisen Banka d.d. of Slovenia (which

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1254-561: The Raiffeisen Banking Group's eight regional banks ( Raiffeisen-Landesbanken ), which are bound by a shareholders' agreement and together hold a majority of RBI's equity. RBI was established in 2010 as a subsidiary of Raiffeisen Zentralbank (RZB), and absorbed the latter in March 2017 through a reverse takeover . Since then, it has been designated as a Significant Institution under European Banking Supervision , and as

1311-724: The Sparkasse moved into its later property in Erlerstraße. In 1885 it was given the statutory name "Sparkasse der Stadt Innsbruck". The first World Savings Day was held in 1925. In the same year the first exchange office was opened in Maria-Theresien-Straße. The main branch of the Tiroler Bauernsparkasse in Innsbruck merged with the Sparkasse of the city of Innsbruck in 1943. The Sparefroh

1368-707: The Sparkassen Arcade. In 1982 the institute changed its name to Sparkasse Innsbruck-Hall, Tiroler Sparkasse . One year later the right to use the Tyrolean coat of arms was granted. Tirolinvest KAG was founded in 1988 as Tirol's only fund company. In 1990 the entire banking business of the Sparkasse was transferred to Tiroler Sparkasse Bankaktiengesellschaft Innsbruck . Erste Bank became the majority owner of Tiroler Sparkasse in 2001. Tiroler Sparkasse thus became part of Erste Group (with around 15.7 million customers). The Innsbruck branch of Die Zweite Sparkasse

1425-542: The Sparkassengruppe scheme becomes depleted. The Austrian state may intervene if all three schemes are depleted. Because of the scheme's mandatory character and public guarantees, S-Haftungs GmbH has been classified as part of the Austrian government sector by Eurostat for national accounts purposes, despite misgivings from Sparkassengruppe representatives. The joint liability scheme ( German : Haftungsverbund , also referred to as "cross-guarantee scheme") relies on

1482-401: The capital of Erste Group Bank, whose equity is publicly listed and otherwise largely dispersed. The savings banks that form the Sparkassengruppe Österreich are Vienna-based Erste Bank Österreich (an AG since 1993 ), 46 local savings banks outside of Vienna, Die Zweite Sparkasse , as well as Bausparkasse der österreichischen Sparkassen AG  [ de ] (also known as sBausparkasse),

1539-529: The country's largest savings bank, Vienna's Zentralsparkasse , acquired the state-controlled Länderbank and renamed itself Bank Austria . Also in 1991, the Girozentrale purchased a retail bank, the Österreichisches Credit-Institut  [ de ] , and renamed itself the GiroCredit Bank der Sparkassen in 1992. In 1994, Bank Austria took over control of GiroCredit, but in 1997 it absorbed Creditanstalt-Bankverein and moved decisively away from

1596-428: The early 2000s and listed in 2005. The newly-founded Raiffeisen Bank International would incorporate those segments of RZB not directly related to RZB's function as the central institution of the decentralized Raiffeisen Banking Group. On 19 April 2010, the executive boards of the two institutions resolved to present the proposed merger to the shareholders for approval, which was granted at general shareholders' meetings of

1653-496: The first one of which was born in 1853. A boom in new savings banks began in 1866, with the number increasing from 26 to 210 in 1910. The model statute of 1872 abolished the previous restriction of savings banks services to "less well-off classes" and the degressive interest rate (the interest rate fell with the level of deposits); they now became "financial institutions of a humanitarian nature" ( German : Geldanstalten humanitären Charakters ) that could do business with all classes of

1710-1001: The green light to KBC Bank, a unit of financial group KBC, to acquire 100% direct interest in Raiffeisenbank Bulgaria and indirect control of the target company's wholly-owned units Raiffeisen Leasing Bulgaria, Raiffeisen Asset Management (Bulgaria), Raiffeisen Insurance Broker, and Raiffeisen Service. The transaction was completed on 7 July 2022 and marked the exit of Raiffeisen from the Bulgarian market. Raiffeisen also operates subsidiaries in Albania (the former Savings Bank of Albania , acquired in 2004), Hungary  [ hu ] , Romania , Ukraine and Russia . In June 2020, Raiffeisen Bank International arranged Belarusian government bonds worth over € 1.4 billion . By then, opposition Belarusian presidential candidates, demonstrators, and journalists had been arrested by

1767-433: The group had total assets of €277 billion, ahead of Raiffeisen Bank International (€166 billion), UniCredit Bank Austria (€119 billion), and BAWAG Group (€53 billion), making it one of the largest Austrian banking groups. Since the entry into force of European Banking Supervision in late 2014, the entire Sparkassengruppe Österreich has been directly supervised by the European Central Bank , with Erste Group Bank AG as

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1824-403: The impoverishment of the population and as instruments for the accumulation of wealth by the working classes. The Savings Bank Regulation ( German : Sparkassen-Regulativ ) of 1844 established a framework of government oversight of the savings banks, with a permissive system for Vereinssparkassen and for the newly defined category of municipal savings banks ( German : Gemeindesparkassen ),

1881-415: The initial public offering of its subsidiary, Raiffeisen Bank Polska, in mid-2017. In August 2021, Crédit Agricole S.A. announced the signing of an agreement to sell Crédit Agricole Srbija A.D. to Raiffeisen Bank (Serbia) , a fully-owned subsidiary of Austrian Raiffeisen Bank International AG. In accordance with the prior consent of the National Bank of Serbia, Raiffeisen banka a.d Beograd has become

1938-421: The joint-stock savings banks may have multiple shareholders including AVSs and foundations. The local savings bank and Vienna-based Erste Bank Österreich do not compete in retail services within each other's territorial remit, thus operating under a de facto "regional principle" ( German : Regionalprinzip ) similarly to the German Sparkassen-Finanzgruppe , even though an earlier mandatory Regionalprinzip

1995-491: The legally guaranteed amount of €100,000. In 1822, during economically difficult years, Count Chotek and Felix Adam von Riccabona founded the "Sparkasse zu Innsbruck" as the first financial institution in Tyrol and the second oldest association savings bank in Austria . The aim was to encourage the building up of savings and financial provision for broad sections of the population and to use savings for economic development in

2052-655: The other Sparkassengruppe entities. Erste Bank Österreich is wholly owned by Erste Group Bank , and in turn owns stakes in Salzburger Sparkasse (100 percent, as of end 2022), Tiroler Sparkasse (75 percent), Sparkasse Hainburg-Bruck-Neusiedl (75 percent), Sparkasse Mittersill (40 percent), Steiermärkische Sparkasse (25 percent), Kärntner Sparkasse (25 percent), Allgemeine Sparkasse Oberösterreich in Linz (19 percent), Sparkasse Voitsberg-Köflach (4 percent) as well as sBausparkasse (100 percent). It has no equity stake in

2109-415: The other local Austrian savings banks. The local savings banks in Austria are governed by private-sector law, unlike most of their German counterparts which are public-law organizations ( Anstalt des öffentlichen Rechts  [ de ] ). Since 1986, they have had the option of transferring their business operations to a subsidiary joint-stock corporation ( German : Aktiengesellschaft , AG), whereas

2166-624: The population. Savings banks were created in other parts of the Habsburg Monarchy , such as the Laibacher Sparkasse in today's Ljubljana (est. 1820), Cassa di Risparmio di Venezia (est. 1822), Cassa di Risparmio di Milano (est. 1823), Böhmische Sparkasse (est. 1823), First National Savings Bank of Pest (est. 1840), and First Croatian Savings Bank in Zagreb (est. 1846). A first central financial institution for

2223-485: The prior entity would retain its savings bank status as a "participation-managing savings bank" ( German : Anteilsverwaltungssparkasse , AVS). From early 1999, AVSs have been allowed to convert into a foundation ( German : Stiftung ). As of early 2024, 33 local savings banks operated as AG, 13 savings banks had retained their prior status (i.e. no joint-stock entity), of which 10 Vereinssparkassen and 3 Gemeindesparkassen . Following mergers and other transactions,

2280-409: The raging war. According to Reuters, one of the senior Raiffeisen executives said that they are negotiating a selling deal for the Russian branch with two potential buyers. However, the spin-off itself could take up to seven months. Austria had wanted Raiffeisen Bank International removed from the Ukraine blacklist in return for signing off on the latest EU sanctions package against Russia. The bank

2337-667: The regime of Alexander Lukashenko amid mass protests . Pavel Latushko of the opposition Coordination Council accused RBI of supporting the dictatorship of Lukashenko, calling on RBI subsidiary Priorbank to end its business relationships with Belarusian state banks and to sell the government bonds. RBI rejected Latushko's charge that the bank economically supported human-rights violations in Belarus. In January 2023, U.S. Treasury Department's Office of Foreign Assets Control became interested in Raiffeisen's Russian business. Raiffeisen

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2394-480: The region. The city of Innsbruck provided the first business premises in the former town hall next to the city tower. In 1822 the Sparkasse became a general savings institution and could thus be used by all sections of the population. Until then, this only applied to the socially and economically disadvantaged. In 1866 the institute moved to the Magistratsgebäude at Pfarrplatz 2, today's Domplatz. In 1877,

2451-641: The relevant municipalities, which had been established by law in 1929 but was gradually phased out from 2003 onwards at the request of the European Commission . The Vereinssparkassen did not benefit from similar guarantees before the creation of the Haftungsverbund . In accordance with Austrian savings bank legislation, the Sparkassengruppe relies on an in-house auditor, the Sparkassen-Prüfungsverband (also known as

2508-423: The rest being held by local savings banks including those for Styria (12.7 percent), Upper Austria (8 percent), Salzburg (3.2 percent) and Carinthia (2.8 percent). In total, Erste Group controls 64 percent of Haftungsverbund GmbH directly or indirectly, and likewise with Sparkassen-Haftungs GmbH. The Haftungsverbund replaced an earlier regime of guarantee of the municipal savings banks (Gemeindesparkassen) by

2565-519: The sale or spin-off of Raiffeisenbank Russia and deconsolidation of Raiffeisenbank Russia from the RBI Group, in full compliance with local and international laws and regulation and in consultation with the relevant competent authorities. RBI also states, that in case of a sale or a spin-off, the CET1-Ratio of RBI Group would stay robust. Western banks are struggling to leave Russia. According to

2622-515: The savings banks market, selling GiroCredit to the Erste Österreichische Spar-Casse . The latter merged with GiroCredit and took the name Erste Bank der oesterreichischen Sparkassen AG , in short Erste Bank, thenceforth the savings banks' dominant financial institution. In 2001, the savings banks agreed to form a Haftungsverbund or mutual support pact, which was later designated as an institutional protection scheme (IPS) under EU law. In 2003,

2679-540: The savings banks, initially joint with cooperative banks and with main geographical focus on Bohemia , was created in 1897 in Prague , the Deutsche Kreditgenossenschaft für Böhmen . It changed its name in 1901 to Centralbank der deutschen Sparkassen  [ de ] , and relocated to Vienna in 1916. It was liquidated in 1926. The Austrian hyperinflation following World War I destroyed

2736-463: The sole owner of Credit Agricole banka Srbija a.d. Novi Sad on April 1, 2022, taking over from Credit Agricole s.a. Paris as the former owner. As a result of the transaction, Credit Agricole bankа Srbija has become a member of the Raiffeisen group. The joint share of the two banks in the Serbian market will be around 12%. After the merger with Crédit Agricole bank, the loan portfolio of Raiffeisen banka

2793-494: The two main Vienna savings banks, Zentralsparkasse (the Viennese Gemeindesparkassen , with 588 million schillings in total assets) and Erste Bank (the original Vereinssparkassen , with 416 million). Between 1938 and 1945 under Anschluss , the Austrian savings banks adopted some features of the German system including the creation of the Girozentrale der ostmärkischen Sparkassen . In 1939,

2850-430: The value of both the assets and liabilities of the savings banks, whose aggregate deposits shrunk from 2 billion kronen (4.3 billion schillings ) in 1913 to 3 million schillings in 1923. The disruption could only be overcome because the legislature allowed the savings banks to carry out new tasks, especially current account business and cashless payment transactions as well as foreign exchange and currency trading. After

2907-561: Was "born" in 1955. One year later the first branch was opened in Pradl . In 1974 a new seven-storey building was erected on Sparkassenplatz and was given the official address Sparkassenplatz 1 . In 1975 it merged with the Sparkasse der Stadt Solbad Hall . The Sparkasse now bore the name Sparkasse der Stadt Innsbruck mit Sparkasse der Stadt Hall . The first ATM in Tyrol was opened in 1980 in

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2964-492: Was "suspended" from the list but Ukraine refused to remove it completely unless it hears more "positive news". Austrian officials say Raiffeisen has been treated unfairly when other banks, such as Italy's UniCredit , remains active in Russia but does not appear on the list of sponsors of war. On 7 March 2024, the US Treasury Department stated it was to meet Raiffeisen to warn they "risk being cut off from

3021-467: Was abolished by the 1979 savings bank legislation. The Zweite Sparkasse has operations in all of Austria except Vorarlberg, however. The Sparkassen-Haftungs GmbH (or S-Haftungs GmbH) operates the deposit guarantee scheme of the Sparkassengruppe, which is separate from the other Austrian deposit insurance systems. It was established in 1988 as a corporate entity, and was recognized in January 2019 by

3078-666: Was named an international sponsor of war by Ukraine's National Agency on Corruption Prevention. In December 2023, Ukraine excluded Raiffeisen Bank from the list of war sponsors for the 12th package of EU sanctions against Russia. As of October 2023, Raiffeisen Bank has not left the Russian market. Under pressure from the Ukrainian government and its allied countries, the Raiffeisen Bank International (RBI) has changed its rhetoric. The RBI Group will continue to progress potential transactions which would result in

3135-472: Was opened in 2007. Tirolinvest KAG was merged with Erste-Sparinvest Kapitalanlagegesellschaft m.b.H. in 2017. In addition to its head office at Sparkassenplatz, the Tiroler Sparkasse has 26 branches and 25 self-service and ATM locations (mainly in the districts of Innsbruck -Stadt and Innsbruck-Land) as well as the wohn²Center at Sparkassenplatz 1 . On 31 December 2018 Erste Bank held

3192-480: Was renamed KBS Banka and merged with another bank to become Nova kreditna banka Maribor  [ sl ] ) was sold to Apollo Global Management and the European Bank for Reconstruction and Development . On 18 March 2017, Raiffeisen Bank International merged with Raiffeisen Zentralbank; the merger was approved at a January 2017 extraordinary general meeting of RBI's shareholders. The bank suspended

3249-402: Was the Erste österreichische Spar-Casse , which opened on 4 October 1819 in Vienna . Other savings banks were founded in subsequent years on an associative basis ( German : Vereinssparkassen ) by individuals such as aristocrats, clergy, senior civil servants, or doctors and pharmacists. As a counterweight to private banks, the savings banks were intended as purpose-driven institutions against

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