AUSTRIA
More than two centuries of financial stability as well as developed economy and financial sectors make Austria an attractive location for bank accounts.
The Austrian banking system has successfully survived the global financial crisis. It operates with a limited government regulation and provides excellent opportunities to conduct business. The main regulator is Oesterreichische Nationalbank (Austrian National Bank). The control of the banking sector is the responsibility of Oesterreichische Kontrollbank, which is the supervisory bank.
Altogether there are more than 800 financial institutions in Austria. The best-known banks include Erste Bank der Oesterreichischen Sparkassen, Raiffeisen Zentralbank Oesterreich, Oesterreichische Volksbanken, Raiffeisen International, Bawag PSK and Oberbank. Euram Bank, LGT Bank, MeinlBank and Valartis Bank are also popular. The clients of Austrian banks are not afraid of rather high service fees and requirements to the minimum account balance. All the above-mentioned issues are certainly compensated by the advantages of Austrian banks.
