Sustainability

The Volksbanks were founded as cooperatives over 170 years ago. At that time, small businesses, craftsmen and farmers, in particular, had hardly any access to banks and thus to capital that was essential for survival. The solution was to help people help themselves by voluntarily joining forces and supporting each other. True to the motto “Many little forces unite to make one big force”, under which the first cooperative banks were founded.

Cooperatives are sustainable because they think and operate with a long-term perspective, and with a mission to benefit their members without being driven by short-term shareholder value. They are built on proximity and personal contact and are deeply rooted in the region and among the people who live there. Hence, they strengthen regional economic cycles – Volksbanks financing local SMEs, for example. Regionality and sustainability are therefore firmly anchored in the Volksbanks’ DNA.
 
Our cooperative approach
At VOLKSBANK WIEN AG, the focus is on customers, partners and employees. We want to act in a responsible, sustainable, entrepreneurial, fast and flexible way. We respect human rights and disapprove of any form of discrimination. Anti-corruption measures are of high priority at VOLKSBANK WIEN AG. These basic principles are set down in our Code of Conduct and are honoured by all our employees.

Sustainability is the future

Sustainable development is equivalent to future viability. It means adapting to significant social, ecological and economic trends already today. Hence, VOLKSBANK WIEN AG is convinced that acting in a sustainable way is associated in the long run with economic success.

As a fixed component of the cooperative Association of Volksbanks sustainability management is implemented in the regional structures. Responsibility for the region and its people is of high strategic priority, forming the basis of the future success of the “relationship bank”.

In 2018, VOLKSBANK WIEN AG joined the United Nations Global Compact. By committing to the 10 principles of the UN, the bank emphasizes the importance of corporate responsibility and sustainability within the scope of its business activities.

VOLKSBANK WIEN AG started publishing sustainability reports in line with the criteria of the Austrian Sustainability and Diversity Improvement Act (NaDiVeG) in financial year 2017. As basis for the sustainability report, the materiality analysis was completely overhauled in 2023, taking into account the entire value chain - from financial capital and expertise as input, to the core business, and to the output in relation to customers and employees. As of the 2024 financial year, reporting - previously in accordance with the Global Reporting Initiative standard - was carried out in accordance with the ESRS standards. The Non-Financial Report 2024 discloses the 5 material topics E1 Climate Change, E4 Biodiversity & Ecosystems, S1 Own Workforce, S4 Consumers and/or End Users and G1 Corporate Policy. As in the previous year, the Green Asset Ratio (GAR) was reported and the extensive taxonomy reporting forms were applied quantitatively and qualitatively.

A spirit of partnership is central to the activities of VOLKSBANK WIEN AG – with customers, among employees, and with product suppliers. Accordingly, within the scope of the sustainability report, the product supply chain of VOLKSBANK WIEN AG was analysed and the cooperation with product partners as well as their activities in the sphere of sustainability management were examined. The range of sustainable products and cooperations is being continuously expanded.

Product Partners

The Volksbanks have been working together with institutions of “Genossenschaftliche FinanzGruppe Volksbanken Raiffeisenbanken” for many years. The cooperation was further reinforced through the sale of Volksbank Invest KAG to Union Investment Services Bank AG in 2015, and in the area of consumer financing, Volksbanks are cooperating successfully with TeamBank. The successful cooperation with the product partners ERGO, TeamBank and Union Investment was continued in 2024.
ERGO Versicherung AG has been the insurance partner of VOLKSBANK WIEN AG since 1985. The focus of ERGO is on providing insurance solutions for private customers who are offered high-quality products – from comprehensive life insurance policies up to special property and accident insurance contracts.

Union Investment – award-winning fund partner
Union Investment has been one of Germany’s largest fund providers since 1956, in 2016 it started its cooperation with the Association of Volksbanks in Austria. At the end of December 2023, assets under management of Union Investment reached euro 128.7 billion. Union Investment is the market leader in sustainable investments in Germany, independent experts confirm that sustainability is one of Union Investment’s core competences.

The UN Global Compact is the world’s largest initiative in the sphere of Corporate Social Responsibility and sustainable development. The aim of this truly global movement originating from the spheres of politics, the economy and civil society is for globalisation to become more socially minded and more ecological. The 10 universal principles and the support of the 17 Sustainable Development Goals of the United Nations are considered key elements of the UN Global Compact.

Austrian business council for sustainable development
VOLKSBANK WIEN AG stands for acting on the basis of social responsibility within its immediate environment. respACT supports its member organisations in achieving ecological and social objectives in an economic way.

For diversity in the world of work
By signing this “Charta of Diversity”, Volksbank sets a clear signal for actual diversity and respect within the company and commits to actively appreciating all those individuals that Volksbank is in contact with – with positive effects on society and the economy in Austria. Volksbank (VOLKSBANK WIEN AG as successor institution) has been a signatory of the Charta der Vielfalt since 2010.

Confédération Internationale des Banques Populaires (CIBP)

Confédération Internationale des Banques Populaires (CIBP), the international confederation of cooperative banks, is a special interest group consisting of banks, financial institutions and banking associations whose business model is based on cooperative principles and values.

OIKOCREDIT Investing in People
Oikocredit is an international cooperative society that refinances microfinance institutions, cooperatives, as well as small and medium-sized enterprises in so-called developing countries. The capital required for the granting of credits in Africa, Latin America and Asia is currently provided by some 59,000 private individuals and organisations supporting the charitable organisation with minimum investments of euro 200. Oikocredit will grant loans irrespective of religion, culture, age or sex.