GiroCredit Bank AG der Sparkassen#

Giro Credit Bank AG der Sparkassen was established in 1992, when the banks Girozentrale, Bank der oesterreichischen Sparkassen AG and Oesterreichische Credit Institut AG merged, with a balance sheet total of 396 billion ATS (December 31, 1996). It is now one of the biggest banks in Austria. In 1994 the Anteilsverwaltung Zentralsparkasse (AZU) acquired more than 50% of the bank´s shares. The AZU also acquired the majority of the shares of Bank Austria AG. A number of activities of both Girokredit AG der oesterreichischen Sparkassen and Bank Austria, such as investment banking and property management, have been spun off to jointly-held subsidiary companies. In 1997 Girokredit AG der oesterreichischen Sparkassen was sold and merged with Erste oesterreichische Spar-Casse Bank AG ( Erste oesterreichische Spar-Casse) to form Erste Bank der oesterreichischen Sparkassen AG.