 | |
| Company type | Cooperative banking group |
|---|---|
| Industry | Financial services |
| Founded | 1934 |
| Headquarters | Berlin (BVR) , Germany |
| Products | Banking and financial services |
| Website | bvr.de |
The German Cooperative Financial Group (German: Genossenschaftliche FinanzGruppe Volksbanken Raiffeisenbanken, sometimes referred to in English as "Volksbanken Raiffeisenbanken Cooperative Financial Network") is a major cooperative banking network in Germany that includes local banks named Volksbanken ("people's banks") and Raiffeisenbanken ("Raiffeisen banks"), the latter in tribute to 19th-century cooperative movement pioneer Friedrich Wilhelm Raiffeisen. The Cooperative Group represents one of the three "pillars" of Germany's banking sector, the other two being, respectively, the Sparkassen-Finanzgruppe of public banks, and the commercial banking sector represented by the Association of German Banks.
The Bundesverband der Deutschen Volksbanken und Raiffeisenbanken (BVR) is the nationwide representative body of the Cooperative Financial Group. It operates under the Deutscher Genossenschafts- und Raiffeisenverband, the umbrella organization of the German cooperative movement. All Volksbanken and Raiffeisenbanken in Germany have been designated as "less significant institutions" since the entry into force of European Banking Supervision in late 2014, and as such are directly supervised by the German Federal Financial Supervisory Authority (BaFin).[1][2]
- ^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
- ^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.