Steiermärkische Verwaltungssparkasse – Styrian Savings Bank Association
All Austrian savings banks are legal entities governed by private law that (in the case of a savings association) are founded from the savings bank association by the virtue of the savings bank act. , According to the Austrian Law on Associations (Vereinsgesetz), savings bank associations are simulated corporate entities, whereby the savings bank association is excluded from any participation of the saving banks’ assets or profits. The starting capital remains within the Savings Bank (Sparkasse) and is not repayable. Therefore one of the significant characteristics of the Savings Banks (Sparkassen), pursuant to the Austrian Savings Bank Act, is the fact that there are no owners or direct beneficiaries, hence there are no shareholders.
The Steiermärkische Sparkasse was founded in 1825 as a savings association and has subsequently in 1991 taken the opportunity according to the banking regulations provided to integrate the banking business into a stock corporation. On this occasion, the Steiermärkische Sparkasse was renamed to Steiermärkische Verwaltungssparkasse (FN37655a) and became stakeholder of the stock corporation, which nowadays is called Steiermärkische Bank und Sparkassen AG (FN34274d)
The Savings Bank Association (Verwaltungssparkasse) does not own a bank charter and is furthermore subject to the Austrian Savings Bank Act. The association’s primary purpose is the holding of the investment of the stock corporation. In alignment with the guiding principles of the savings bank philosophy, a substantial part of dividends distributed from Steiermärkische Bank und Sparkassen AG to the Steiermärkische Verwaltungssparkasse are used to support charitable organizations and projects.
The Verwaltungssparkasse therefore has become a pure holding company, whereas all previous institutions remained unchanged.