Regional Proximity and Sustainability

Interview with Alexander Seiler, Executive Director of VKB-Bank

Alexander Seiler, Executive Director of VKB-Bank
Alexander Seiler, Executive Director of VKB-Bank

The Corona crisis has shaken many companies economically to the core. Since the first lockdown in the spring of 2020, banks have therefore taken on an even greater importance in the context of the crisis. Foremost is securing liquidity, which has been severely restricted for many individuals and companies for many months due to the pandemic regulations. VKB-Bank from Linz in Upper Austria has clearly positioned itself as a responsible partner to its customers, providing financial health especially in these critical times.

Wirtschaftsforum: Mr. Seiler, where do you see VKB-Bank in the market? What position does it hold in comparison to its competitors?

Alexander Seiler: Our core market is Upper Austria and here we are number four behind the three significantly larger banks. In Upper Austria, as we like to put it, we are a very relevant bank. With an annual growth of nearly 10% in the residential construction sector, we are one of the most important financiers of the housing construction business in Upper Austria.

Wirtschaftsforum: What are the core services of VKB-Bank?

Alexander Seiler: Founded in 1873 as a cooperative bank, we initially had a strong affiliation with the Catholic Church. This is no longer the case. However, our ownership structure is still organized as a cooperative. Our members are our owners. We are a full-service bank and thus cover the areas of savings and investment, residential construction, money transactions and liquidity, as well as security and provision, serving both private and corporate clients. In the corporate client sector, our focus is primarily on small and medium-sized enterprises. Our offerings range from savings accounts for children to pension products and securities. We issue our own bonds, operate our own fund business, and also handle private placements for institutional investors. In October 2020, we launched a very successful sustainability fund, which we also manage ourselves.

Volkskreditbank - Personal Consulting
The VKB-Bank stands for regional proximity and personal consulting

Wirtschaftsforum: What does sustainability mean for VKB-Bank?

Alexander Seiler: A few months ago, we launched the sustainability fund, but our bank has always been sustainably oriented conceptually. Sustainability is a flexible term for us, meaning taking responsibility for our region and living up to it. We do not engage in business that would harm future generations because we want to give back to the community and invest in the future. Especially now, in a very critical time, we want to convey confidence and courage, taking care of the financial health of the people in our region.

Wirtschaftsforum: How has the pandemic affected your business so far?

Alexander Seiler: Our motto in 2020 was: We support our customers through the crisis and are their gateway to liquidity. Looking back, it's amazing that many industries have not faced credit crises. Many areas are performing exceptionally well during this time, such as the food and construction sectors.

Wirtschaftsforum: What plans and projects do you have on the agenda for this year?

Alexander Seiler: In February, we started a new construction project with an investment volume of around 17.5 million EUR. The project ‘VKB Wels, Kaiser-Josef-Platz. Sustainable Living and Working’, includes residential units, office and commercial spaces, a basement garage in the first construction phase, and in the second phase a future-oriented bank branch. This project will enhance the attractiveness of Wels' center and transform Kaiser-Josef-Platz into a meeting place. With this project, we are investing not only in our region and the regional economy but also in our responsibility for sustainable development. By renewing the bank branch in the second construction phase, we are also deliberately making a statement for regional banking, characterized especially by personal encounters on-site.

Volkskreditbank Construction Project VKB Wels, Kaiser-Josef-Platz
The construction project VKB Wels, Kaiser-Josef-Platz started in February and is enhancing the attractiveness of the Wels center with an investment volume of around 17.5 million EUR

Wirtschaftsforum: Given the ongoing pandemic – what do you expect from the year 2021?

Alexander Seiler: In my opinion, the motto 'driving by sight' has been overstretched by now. Often, it's just a way to dodge answering the question about a long-term strategy. We have around 110,000 customers who deserve our service, now and in the future. When the aid programs and deferrals currently granted expire, banks will become very important again to secure the survival of the economy. The bank will once again be the gateway to liquidity. Against this backdrop, we will continue to advance the integration of our digital and physical communication channels in 2021 to be well positioned for the banking of the future.

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