Österreichischer Genossenschaftsverband is an Austrian institution that represents Volksbank Group’s interests and acts as its auditing association.
Since 2017, there are 8 regional banks and 2 specialized banks in Austria.
They built an integrated system of banks (Association of Volksbanks) connected through a contract of collaboration. The central institution is VOLKSBANK WIEN AG, the biggest regional bank of the association. The central service functions were transferred from Österreichische Volksbanken AG (ÖVAG) to VOLKSBANK WIEN AG in July 2015. ÖVAG itself surrendered its banking license.
The “remainder of ÖVAG” continues to operate as a wind-down entity responsible for ensuring the orderly, active and value-preserving wind-down of its assets.
