• On May 28, 2015 shareholders of VBAG resolved at today's Annual General Meeting to split up VBAG and convert it into a wind-down company. The part of the business that functions as a central organisation and central institution will be transferred to Volksbank Wien-Baden AG, while the "remainder of VBAG" will continue to operate as a wind-down company under the name immigon portfolioabbau ag in accordance with section 162 of the Federal Act on the Recovery and Resolution of Banks (BaSAG).

    On April 7, 2015 the closing of the sale of Volksbank Romania S.A. (VBRO) to the romanian Banca Transilvania took place. VBAG held a 51.0% interest in VBRO, Groupe BPCE 24.5%, DZ BANK AG 16.36% and WGZ BANK 8.14%. VBRO had to be sold in accordance with the rules for VBAG's EU-restructuring plan by the end of 2015.

    In October 2014 the Executive Board of VBAG decided in principle to restructure VBAG: The central institution is to be split up. All those tasks which VBAG is legally required to undertake in its capacity as the central body of the Volksbanks' joint liability scheme are to be transferred to Volksbank Wien-Baden. The transfer will also include service functions which VBAG provides to the Volksbank sector; these are service functions that are necessary for operating a bank in an orderly manner. VBAG’s aim is to carry on speedily with the wind-down process that has been running successfully for the last two years in order to fully liquidate its assets, and to meet its liabilities to creditors on the relevant maturity dates. It is intended that VBAG will leave the joint liability scheme by the end of the first half year 2015.

    In implementation of the restructuring plan with the Republic of Austria and the European Commission numerous, substantial rehabilitation measures have been taken since 2012: By reduction of assets, total assets of VBAG Group were significantly reduced from EUR 41.1 billion to EUR 15.9 billion (30.9.2014 ).

    Also in autumn 2012 the Austrian Financial Market Authority approved the new association of Volksbanks (Kreditinstitute-Verbund) pursuant to Section 30a of the Austrian Banking Act, which means that from that moment on all requirements for establishing the new association comprising the regional Volksbanks and VBAG as the central institution are met.

    On September 28th 2012, VBAG and Investkredit are legally merged. The Name of the merged bank is „Österreichische Volksbanken-Aktiengesellschaft“. The merger is legally effective retroactively as per 31 December 2011.

    On September 19th 2012 the European Commission approves state aid for Österreichische Volksbanken-AG and restructuring measures.

    3rd September 2012: Dr. Stephan Koren becomes new CEO of VBAG

    On February 27th 2012 the Republic of Austria and the Volksbanks have reached an agreement on a sustainable solution to stabilise VBAG. The capital of VBAG will be reduced by up to 70% effective 31 December 2011. At the same time, the Republic of Austria and the Volksbanks will perform a capital increase of €480 million in total. The objective and purpose of the agreed measures is the reorganisation and transformation VBAG into a sustainable cooperative bank in accordance with section 30a of the Austrian Banking Act (BWG).

    On February 15th 2012 the sale of Volksbank International to Sberbank was concluded.

    In 2011, due to the new restructuring strategy of VBAG Europolis was sold. The signing for the sell of Volksbank International AG (except VB Romania S.A.) to the russian Sberbank took place in september.

    In 2009, Gerald Wenzel took over the management of the VBAG Group as the new Chief Executive Officer.

    By disposing of Kommunalkredit Austria AG to the Republic of Austria on 3 November 2008, Österreichische Volksbanken-AG departed from the public finance segment in 2008.

    In 2005, Österreichische Volksbanken-AG, the leading institution among the independent regional Volksbanks, took over Investkredit Group.

    By 2004 Österreichische Volksbanken-AG Group had branches in eleven central and eastern European countries. In December, Banque Fédérale des Banques Populaires (BFBP), the French group of credit co-operatives, and Germany’s DZ Bank AG and WGZ-Bank each declared their intention of acquiring a 24.5 % share in Volksbank International AG. This was realised in 2005.

    In 2002, the existing co-operation between the Volksbanks/Österreichische Volksbanken-AG and ERGO Insurance Group AG (VICTORIA-Versicherung) was intensified through an increase in the latter’s holding in Österreichische Volksbanken-AG to 10 %.

    Volksbank Wien AG, within which Österreichische Volksbanken-AG placed its branch operations, was founded in 2001. This strengthened Volksbank’s position in the Vienna metropolitan area.

    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 are being gradually transferred to VBI AG.

    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 Österreichische Volksbanken-AG.

    In 1991 Österreichische Volksbanken-AG was converted from a regular central institution to a central institution with commercial banking functions. Over the following years, expansion continued into Hungary, Slovenia, the Czech Republic, Croatia, Romania, Bosnia and Herzegovina, Serbia-Montenegro and Ukraine.

    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 co-operative to a co-operative public limited company. It contains the cooperative service mandate in its Articles of Association.

    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.

    The present Österreichische Volksbanken-AG was established in 1922 as the central institution of the Austrian Volksbanks in order to support them in fulfilling their service mandate. Its primary role was to offset fluctuations in liquidity among the Volksbanks, which had been established as early as 1850 as commercial cooperative credit associations.