Austria, a country in the Southern part of Central Europe and also one of the wealthiest country in the region. Austria has more than 119 currently operating credit institutions and has more than 700 banks. The Banking system in Austria follows Universal Banking System which offers a lot of different services. Also, the banking system is very stable in the country due to its lower exposure to the risk of loss.
Banking Structure in Austria
The best thing about the Austrian banking system is the structure of the banks. The Austrian Banks has been categorized into a different structure as follows.
- Single tier structure – This structure includes joint-stock banks, housing construction banks, and also the specialized credit institutions, as well as mortgage banks
- Two-tier structure – This includes savings banks and Volksbanken (Co-operative banks)
- Three-tier structure – This includes Raiffeisen banks
Some of the Best Banks In Austria
Erste Group Bank
Erste Group Bank is one of the most reputed and the best bank in Austria has its headquarters in Vienna. The bank also the topmost bank in the country in terms of assets owned. Bank was founded back in the year 1819 and has been giving employment to over 47,000 employees. The bank is present in more than seven countries around the world.
Raiffeisen Zentralbank (RZB Group)
Raiffeisen Zentralbank also known as the RZB Group has its headquarters in Vienna. It is also the second-largest bank in Austria. RZB Group provides employment to the more than 50,000 employees and serving more than 16.5 million clients.
UniCredit Bank, Austria AG
The UniCredit Bank, Austria was established back in the year 1855 and also previously known as Bank Austria Creditanstalt AG. This bank offers some of the advanced services like Corporate Banking, Private Banking, Retail Banking and Investment Banking. The bank provides employment to more than 1,17,000 employees and also operates in many parts of the world like Italy, Germany, Russia, Romania, etc.
BAWAG bank founded back in the year 1922, making it one of the best banks in Austria. The bank provides banking products and services primarily in Austria, Germany, the United Kingdom, France, and the United States. The bank has given employment to more than 3,000 staff and has its headquarters in Vienna. In 2016, the bank reported a total income of US$1,089 million and reported US$46.8 billion in total assets.