Banking in Austria

The banking system in Austria plays a pivotal role in the country's economy, ensuring financial stability and providing essential services to both individuals and businesses.

The rapid growth and increased activity of Austrian banks abroad made it necessary to adapt to international standards, which was regulated in the 1986 amendment to the law.

On January 1, 1994, the KWG was replaced by the new Banking Act (Bankwesensgesetz- BWG), which was drafted in view of EU conformity and also contains improved provisions for creditor and consumer protection.

The FMA operates as an independent, integrated authority, working closely with the OeNB to maintain a stable and reliable financial system.

[3] The largest Austrian credit institutions by balance sheet total in 2018 The following former and current bankers have made an important contribution to the development of the Austrian banking industry and continue to develop it in their position as CEO: The neobank industry in Austria is an emerging sector in the country's financial landscape, as digital banking services continue to gain traction among consumers seeking convenience, simplicity, and innovation.

Key Players in the Austrian Neobank Industry: A special decree of Empress Maria Theresa (August 1, 1771) provided for the establishment of a stock exchange in Vienna.