Austria has an extremely advanced and dynamic banking system. In Austria, there are currently around 700 financial institutions in operation. Austria’s banking system differs according to the trade associations to the various sectors due to historical factors around the area. Below are the structures that are currently in use:
- Single-tiered organization: This structure includes several joint-stock banks, banks involved in house development, institutions that specialize in loans, and several mortgage banks.
- Two-tiered Structure: Consists of the existing conventional savings and cooperative banks.
- Raiffeisen Banks are included in the three-tier structure.
Austria’s top bank’s list
The top 8 banks currently doing business in Austria are listed below:
Bank of Erste Group
One of the oldest banks still in operation is in the Austrian region. The main office is in Austria’s capital. The financial institution, founded in 1819, has higher than 45,000 workers now, spread over about 7 nations. One of the biggest banks in Austria, it has higher than 3,000 branches and provides a comprehensive range of financial services throughout the entire European Region. It generates about $9 million in net interest income.
Bank Raiffeisen Zentral
According to the institution’s total assets, it comes in second on the list after Erste Group Bank. It is one of the most established financial institutions in the area. In Vienna, and was established in 1927. It employs more than 50,000 people worldwide and serves more than 17 million clients. It provides a range of products, such as wealth management, risk advice, insurance, and risk mitigation, as well as investment banking services, with the M&A segment doing well.
Austrian unicredit bank AG
It was established in 1885 and is currently active in numerous nations, including Bulgaria, Croatia, Serbia, Russia, and the majority of the European Union. As of 2016, and employed more than 120,000 people. Although its area of expertise is corporate and investment banking, it also offers its clients retail banking services. Bank Austria Creditanstalt AG was replaced by Unicredit Bank Austria Ag in 2008.
A.G. Ober bank
It was established in 1869, making it one of the oldest still in operation. Both retail and corporate banking services are offered by the bank. The facility has 160 locations around the European region, with its main office in Linz. It employs more than 3,000 people in total.
P.S.K. bawag
The bank, which was established in 1922 and has its headquarters in Vienna, employs about 2500 people in the area. In addition to Europe, the bank is also present in the USA and the UK. 2.5 million customers have been served by the Bank over the past roughly 100 years.
The hypo noe group
The hypo noe group was started in 1888 and is currently one of Austria’s regional banks. The facility provides treasury services, transaction consulting services, corporate finance services, and real estate financing. Today, it employs more than 1000 people and generates about $150 billion in revenue.
Raiffeisen-landesbank steiermark
It was founded in 1927 and has its headquarters in the Graz region. Currently, the bank has more than 1,000 employees and provides a range of retail banking services, including savings accounts. Among many other categories, it also offers advice on private equity investments, capital market services, and treasury method services. The bank’s total assets as of 2017 were USD 11 billion.
Austrian Control Bank
The facility was started in 1946 and offers trading industry information services in addition to financial and transaction advisory services. Additionally, it offers capital market services in Austria and other places. The bank currently employs more than 500 people who provide a range of services. In 2017, the Bank’s total assets were estimated to be around 24 billion USD.
