Creditanstalt-Bankverein

Creditanstalt-Bankverein 

Austria's largest commercial bank. It developed from the bank Osterreichische Creditanstalt fur Handel und Gewerbe, which was established in 1855. In 1931 it was on the brink of bankruptcy. Its obligations, totaling 571.4 billion Austrian schillings, were taken over by the Austrian government; the Austrian National Bank and the British banking house of the Rothschilds also took part in revitalizing the bank. In 1934 the Creditanstalt-Bankverein absorbed the large Austrian bank Wiener Bankverein. In 1938, after Germany's annexation of Austria, more than three-fourths of the bank's stock came into the hands of the Deutsche Bank. In 1939 the bank was given the name of Creditanstalt-Bankverein.

The bank performs various transactions, including the granting of short-term and long-term credit and operations involving securities, currency, and mortgages. It is represented on the board of metal working, chemical, textile, paper, and other industries of Austria. In 1972 it had 76 branches and subsidiary banks in the country and was associated with four multinational banking groups. The bank's balance total at the end of 1972 was 52.1 billion schillings, with capital and reserves of 4.3 billion, current accounts and deposits of 41.9 billion, loans and discounts of 26.7 billion, a securities portfolio of 3.9 billion, and mortgages of 4.5 billion.

E. D. ZOLOTARENKO