Bank wedding - Largest Volksbank: Frankfurt and Aschaffenburg merge
Germany's Volksbanks have a new number one: With the merger of the Frankfurt Volksbank and the 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 created. The merger plan, which was announced in October, was approved by the owners of the Aschaffenburg institution at the shareholders' 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 approximately 1,500 employees, this is the 22nd merger since 1990. The Raiffeisen-Volksbank Aschaffenburg is much smaller: The institution recorded a balance sheet total of around 3.5 billion Euro and had about 460 employees as of the last balance sheet. The Frankfurt Volksbank was previously the second largest in terms of balance sheet total after the Berliner Volksbank.
The merger agreement includes, among other things, a job 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 managed customer volume of over 39.9 billion Euro as of December 31, 2023. They employ nearly 2,000 people and have over 300,000 members.
- Following the merger approval, the Frankfurt Volksbank and Raiffeisen-Volksbank Aschaffenburg, both based in Germany, will create the country's largest Volksbank with a balance sheet total of approximately 18.9 billion Euro.
- The merger between the Bavarian Raiffeisen-Volksbank Aschaffenburg and the Frankfurt Volksbank, which is located in Hesse, will result in a combined workforce of nearly 2,000 employees.
- The merger plan between the Frankfurt Volksbank and the Raiffeisen-Volksbank Aschaffenburg, two prominent banks in Germany, was initially announced in October 20XX.
- The Frankfurter Volksbank, a major German bank with around 1,500 employees, will see its position as the second largest bank in terms of balance sheet total shift after the merger with the Raiffeisen-Volksbank Aschaffenburg.
- To accommodate the growth from the merger, the Frankfurt Volksbank plans to expand its existing branch network in Frankfurt, Bavaria, and other parts of Germany.
