Volksbank

Commercial credit association.

Österreichische Volksbanken-AG (VBAG) is the central institution of the Volksbank sector. It focuses on its new self-understanding on supporting the core business of the 48 regional Volksbanks in Austria. Due to the retroactive capital write-down of nominal value and simultaneous capital increase by 31st December 2011 the new ownership structure of VBAG is as follows: Volksbanken Holding eGen: 51.6 % Republic of Austria: 43.3 % DZ Bank AG: 3.8 % Raiffeisen Zentralbank Österreich AG: 0.9 % Others: 0.4 % On September 19th 2012, the European Commission has approved the comprehensive restructuring plan developed by Österreichische Volksbanken-AG in the wake of the financial and economic crisis to restore long-term profitability. The approval encompasses measures that were introduced in 2009 as well as the support measures as agreed with the Republic of Austria in late April 2012.