Trade union bank

A bank founded or supported by trade unions and related institutions, especially consumer cooperatives, with the main focus on serving trade union members and the public sector in general. – In Germany, regional union banks merged in 1958 to form the Bank für Gemeinwirtschaft (BfG), which was held in very high esteem by the wide public. Due to flawed (personnel) policies, the bank began to decline; in 1986, the union owners had to part with their bank. In 1986, the union owners were forced to part with their bank. After a number of stops along the way, the Bank für Gemeinwirtschaft and its branch network finally became the property of the Swedish global financial services group Skandinaviska Enskilda Banken (SEB), headquartered in Stockholm, in 2000. SEB, in turn, ceded the retail banking business and thus the 173 former BfG branches locally to Spain’s Banco Santander – the second-largest institution in Europe, headquartered in Santander not far from Madrid – for EUR 555 million at the end of 2010. – See Bank nationalization.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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