Onionlinks

Onionlinks

Did You Know?

We design Docy for the readers, optimizing not for page views or engagement

Österreichische Postsparkasse

Österreichische Postsparkasse

Vienna headquarters of the Österreichische Postsparkasse, built by Otto Wagner

Vienna headquarters of theÖsterreichische Postsparkasse, built by Otto Wagner

Interior of the Österreichische Postsparkasse headquarters, Vienna

Interior of theÖsterreichische Postsparkasseheadquarters, Vienna

Exterior decoration of the Österreichische Postsparkasse headquarters, Vienna

Exterior decoration of theÖsterreichische Postsparkasseheadquarters, Vienna

Österreichische Postsparkasse(P.S.K.) was a postal savings bank in Austria. It was owned by the Austrian Mail and thus by the government. It merged on 1 October 2005, with the BAWAG to form BAWAG P.S.K..

Österreichische Postsparkasse AG
Type
Public
Industry Finance and insurance
Founded 1882
Headquarters Vienna, Austria
Key people
Stephan Koren (CEO)
Products Commercial banking, Investment banking, Private banking, Asset management
Revenue 56,271 mn (2004, as part of the merged BAWAG P.S.K.)
Number of employees
~6.280 (2004, as part of BAWAG P.S.K.)
Website www.psk.at[7]

History

During the Austro-Hungarian Empire

Österreichische Postsparkasse was founded by law in 1882. On 28 May, the parliamentary bill “…on the introduction of postal savings banks in kingdoms and countries represented by the Imperial Assembly”[1]was passed in the Imperial Council (Reichsrat). The government bill was drawn up by Georg Coch, the founder and first director of the bank.

The inaugural headquarters of the “k.k. Postsparcassen-Amt” (Imperial-Royal Postal Savings Office) was inaugurated on January 12, 1883, in the former Dominican Monastery building on Wollzeile street, situated in Vienna’s first district, the Innere Stadt. This marked the beginning of postal savings services being offered to customers across the Austro-Hungarian Empire, with approximately 4,000 post office branches participating in this service. The primary objective behind introducing financial services at post offices was to promote public awareness and incentivize saving among the populace. Additionally, this system facilitated the availability of crucial funds to the state and ensured the security of deposits by holding the government liable.

In October 1883, Coch introduced a revolutionary innovation, the system of cashless transfers (Scheckverkehr), whereby a written instruction authorised the debit of one account and the credit to another. This radically changed the monetary system and made the P.S.K. into the centre of payment transactions. The new system of cashless transfers started spreading throughout the world.[2]The bank also saw the expansion of the foreign payment transaction system. Giro agreements were signed with the Austro-Hungarian Bank and other foreign postal savings bank throughout Europe.

In 1906 the new headquarters in Vienna designed by the architect Otto Wagner was constructed. It is located at what is today Georg-Coch-Platz in the first district Innere Stadt along the Ringstraße boulevard. The building is one of the most important examples of Viennese Jugendstil which is also known as The Vienna Secession. Its clear lines and the cool elegance, which is achieved by the usage of steel, concrete and glass, give the building a solid and impenetrable look. The skylight in the main hall nevertheless allows for natural light to reach the interior of the building, making it light and airy at the same time. The headquarters building became the most recognisable trademark of the postal savings bank.

For more information on the building by Otto Wagner see Austrian Postal Savings Bank.

World War I and aftermath

World War I dealt a significant blow to the bank. With the collapse of the Austro-Hungarian Empire, its operations were limited to the much smaller, newly established Austrian Republic. Consequently, the number of post office branches was drastically reduced from 7,000 to around 2,000.[3]

On December 28, 1926, the parliament passed a new law that liberalized the P.S.K. (Postal Savings Bank), transitioning it from direct state administration and control into a separate, independent legal entity as a public company.

Following Austria’s annexation to Nazi Germany from 1938 to 1945, the P.S.K. was dissolved as a legal entity by the Nazis, and all assets were transferred to Germany.

Rebirth and merger

Old Logo of the P.S.K.

Old Logo of the P.S.K.

Old logo of the P.S.K. with the postal horn, when it still belonged to the postal system

Old logo of the P.S.K. with the postal horn, when it still belonged to the postal system

After the liberation and the restoration of Austria, the postal savings bank was re-founded on 26 April 1945, as Österreichische Postsparkassenamt. It was the first Viennese banking institute to resume its services and was under the direct control of the Austrian Federal Ministry of Finance. It remained under the direct control of the ministry until 1 January 1970, when the 1969 Postal Savings Bank Act (Postsparkassengesetz 1969)[4]came into effect. The bank regained its pre-war status as an independent legal entity in form of a public company. Österreichische Postsparkasse, as it was now called, was however required to further follow the monetary and fiscal policy of the Austrian Federal Government in its business dealings and to support the Austrian National Bank (OeNB) in all currency and lending policies. The Federal Government assumed liability for all P.S.K. obligations in return for the right to half of the annual net profit. The law formed the starting point for a new business strategy aimed at creating a market-oriented range of services.

The strategy seemed to work well, as the bank grew and was able to further consolidate its position in 1976, when it purchased the majority stake in the Appell Kunden-Kredit Teilzahlungsbank regGenmbH, which was one year later converted into a full bank under the name Bank der Österreichischen Postsparkasse AG (P.S.K. Bank AG).

The 1990s saw substantial change for the bank. In 1996, parliament passed a law to change the P.S.K. into a joint stock company (Aktiengesellschaft). The following year, the Federal Ministry of Finance allowed the P.S.K. to grant private loans. With the award of the license the bank secured preferential treatment for financing of companies that are majority-owned by the government. The P.S.K. registered with the company register at the Vienna commercial court. The bank also was listed on the Vienna Stock Exchange. The Austrian government was liable for any financial obligations of the newly listed company. With the new restructuring, a new agreement was signed between the P.S.K. and the Austrian Mail Service of how the post offices would continue to offer the financial services.

In 2000, Bank für Arbeit und Wirtschaft AG (BAWAG) acquired 74.82% of the shares of the bank, while the remaining 25.18% were purchased by KSP Unternehmensbeteiligungsgesellschaft mbH. This merger resulted in the formation of BAWAG P.S.K., establishing it as Austria’s third-largest banking group. With a total balance sheet of nearly 45 million euros, the newly formed group boasted approximately 5,000 employees, around 2,000 branches, and over one million private customers. BAWAG P.S.K. Group now boasts the largest centrally managed sales network in Austria.

Areas of activity

In addition to providing retail banking and corporate banking services, the bank also actively supports cultural events and social causes. This includes sponsoring art exhibitions, particularly those showcasing Viennese Jugendstil, as well as organizing concerts and other cultural events. Additionally, the bank contributes to social initiatives such as fundraising efforts to aid victims of natural disasters. Through these endeavors, the bank not only fulfills its role as a financial institution but also actively engages with and contributes to the cultural and social fabric of the communities it serves.

References

[1]

Citation Linkwww.bawagpsk.com…betreffend die Einführung von Postsparcassen in den im Reichsrathe vertretenen Königreichen und Ländern.” Source at: P.S.K. Firmengeschichte

Oct 2, 2019, 1:55 AM
[2]

Citation Linkwww.bawagpsk.comP.S.K.History: A look back at over 120 years of banking history and tradition

Oct 2, 2019, 1:55 AM
[3]

Citation Linkwww.bawagpsk.comP.S.K.History |A look back at over 120 years of banking history and tradition

Oct 2, 2019, 1:55 AM
[4]

Citation Linkwww.bawagpsk.comP.S.K.Firmengeschichte |Rückblick auf 120 Jahre Bankgeschichte und Tradition

Oct 2, 2019, 1:55 AM
[5]

Citation Linkwww.psk.atOfficial site

Oct 2, 2019, 1:55 AM
[6]

Citation Linkwww.aeiou.atAEIOU on company history

Oct 2, 2019, 1:55 AM
[7]

Citation Linkwww.psk.atwww.psk.at

Oct 2, 2019, 1:55 AM
[8]

Citation Linkwww.bawagpsk.comP.S.K. Firmengeschichte

Oct 2, 2019, 1:55 AM
[9]

Citation Linkwww.bawagpsk.comP.S.K.History: A look back at over 120 years of banking history and tradition

Oct 2, 2019, 1:55 AM
[10]

Citation Linkwww.bawagpsk.comP.S.K.History |A look back at over 120 years of banking history and tradition

Oct 2, 2019, 1:55 AM
[11]

Citation Linkwww.bawagpsk.comP.S.K.Firmengeschichte |Rückblick auf 120 Jahre Bankgeschichte und Tradition

Oct 2, 2019, 1:55 AM
[12]

Citation Linkwww.psk.atOfficial site

Oct 2, 2019, 1:55 AM
[13]

Citation Linkwww.aeiou.atAEIOU on company history

Oct 2, 2019, 1:55 AM
[14]

Citation Linken.wikipedia.orgThe original version of this page is from Wikipedia, you can edit the page right here on Everipedia.Text is available under the Creative Commons Attribution-ShareAlike License.Additional terms may apply.See everipedia.org/everipedia-termsfor further details.Images/media credited individually (click the icon for details).

Oct 2, 2019, 1:55 AM