Creditanstalt-Bankverein

The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

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

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
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References in periodicals archive ?
Creditanstalt-Bankverein, 82 Federal Reserve Bulletin 594 (1996).
There are five interests involved in the plan - the State of Connecticut, the Austrian bank Creditanstalt-Bankverein (a secured creditor), the unsecured creditors, the United Auto Workers union, and the company itself
Next, I served as head of Creditanstalt-Bankverein for eight years, did a stint at the World Bank, and finally started my own consulting business, becoming an industrialist and entrepreneur.
(5.) See Creditanstalt-Bankverein, 82 Federal Reserve Bulletin 594 (1996); Erste Bank der Osterreichischen Sparkassen Aktiengesellschaft, 84 Federal Reserve Bulletin 1123 (1998).
Jay Teitelbaum, a lawyer for Creditanstalt-Bankverein, Colt's principle lender in Austria, told the court that progress is being made toward an agreement on another financial extension to August 2.
(2.) Bank Austria's Greenwich, Connecticut, branch, and its Atlanta, Georgia, and San Francisco, California, representative offices were previously owned by Creditanstalt-Bankverein ("Creditanstalt").
Since no payment has been made to the Austrian bank Creditanstalt-Bankverein, the bank has asked the U.S.