Frankfurt and Aschaffenburg forge largest Volksbank

Bank wedding - Frankfurt and Aschaffenburg forge largest Volksbank

Germany's Volksbanks have a new number one: With the merger of the Frankfurt Volksbank and Raiffeisen-Volksbank Aschaffenburg, Germany's largest Volksbank with a balance sheet total of approximately 18.9 billion Euro (as of December 31, 2023) will be formed. The merger plan, which was announced in October, was approved by the owners of the Aschaffenburg institution at their representative meeting, according to their own statements (around 97 percent). The technical merger is reportedly planned for November 2024.

For the Frankfurt Volksbank with a balance sheet total of around 15.4 billion Euro and about 1,500 employees, this is the 22nd merger since 1990. The Raiffeisen-Volksbank Aschaffenburg is much smaller: The institution reported a balance sheet total of around 3.5 billion Euro and had approximately 460 employees. The Frankfurt Volksbank was previously the second largest in terms of balance sheet total.

The merger agreement includes, among other things, a employment guarantee for all employees of the Raiffeisen-Volksbank Aschaffenburg for the next five years and the retention of the existing branch network under the previous brand. All four managing directors of the Raiffeisen-Volksbank Aschaffenburg are expected to join the board of the Frankfurt Volksbank Rhein/Main in the third quarter of 2024.

Both cooperative banks offer their approximately 800,000 customers 115 branch offices and 93 SB-branches. The institutions had a combined customer base of over 39.9 billion Euro as of December 31, 2023. They employ nearly 2,000 people and have over 300,000 members.

Frankfurter Volksbank in the profile Business reports Frankfurt Volksbank Information on common branches ("Finanzpunkte") Numbers and facts of the BVR cooperative bank group Press releases Frankfurt Volksbank Press release Frankfurt Volksbank on the representative meeting on May 28, 2024 Press releases Raiffeisen-Volksbank Aschaffenburg

1. The merger will form the largest Volksbank in Hesse, with Raiffeisen-Volksbank Aschaffenburg joining forces with Frankfurt Volksbank, both being based in Germany.
2. The Frankfurt Volksbank, with its strong presence in Frankfurt, is set to merge with the smaller Raiffeisen-Volksbank Aschaffenburg, located in the Bavarian region of Aschaffenburg.
3. The approved merger will see Germany's Raiffeisen and Volksbank cooperatives, including Frankfurt Volksbank and Raiffeisen-Volksbank Aschaffenburg, continuing their operations as a unified entity under the Frankfurt Volksbank Rhein/Main.
4. The merger between Raiffeisen-Volksbank Aschaffenburg and Frankfurt Volksbank will introduce a new player in the financial landscape of Frankfurt, with a combined balance sheet total of approximately 18.9 billion Euro.
5. The merger agreement between Frankfurt Volksbank and Raiffeisen-Volksbank Aschaffenburg will impact banking services across Germany, as both institutions have a significant number of branches in Frankfurt and Aschaffenburg, respectively.

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