Austrian bank Oberbank has plans to significantly grow its business in Germany by 2030. „Germany is our expansion area,“ said CEO Franz Gasselsberger at a press conference in Munich last week, while presenting the 2024 earnings report. As part of the recently presented Oberbank Strategy 2030, he announced that the bank intends to establish itself in private banking in this country. He also sees good opportunities in the financing of tourism projects. The bank is not active in German retail banking – it concentrates on corporate customer business in the SME sector, as well as private banking.

Gasselsberger avoided giving any specific details about the expansion plans. For example, he did not want to give a target figure for the number of branches in five years. It always depends on whether suitable employees can be recruited, he said. At the end of last year, the bank had 46 branches, mainly in Bavaria and Baden-Württemberg, compared to 45 in the previous year. It has also gradually established itself in North Rhine-Westphalia in recent years. Gasselsberger said that the planned growth would focus on this federal state. Other regions in Germany are not being considered.

Gasselsberger also did not want to provide any information on the current volume of private banking. He merely said that advisory centres had been set up within the branches to advise customers. There are currently around 20 centres. Anyone wishing to invest more than 500,000 euros can become a private banking customer of Oberbank. This means that the previous lower limit of 250,000 euros has been doubled.

Gasselsberger said that new German customers would be receptive to the arrival of Oberbank, and that the margins in Germany are attractive. In the country-by-country reporting, the annual report shows a pre-tax profit of 97 million euros in Germany. In Austria, total revenues were five times those of Germany, but at 217 million euros profits were only double those of Germany, where the bank employs 326 people.

According to the annual report, life insurance production in Germany increased by 11% last year. Bayerische, Wüstenrot Bausparkasse, and the industrial broker MRH Trowe are the cooperation partners in the German pensions sector.

Gasselsberger (66), who has been in office since 2002, said that his contract runs until May 2027 and indicated that the succession will be decided among the three younger board members. Of the trio, Martin Seiter is the longest-serving board member.