In the Allgäu, a savings bank merger is planned for the coming year. The negotiations between the Sparkasse Allgäu in Kempten and the smaller sister institute in Kaufbeuren are about to be concluded, as the Bavarian Savings Banks Association announced on Thursday in Munich.
“This initiative is to be welcomed,” said the savings bank president, Ulrich Reuter. “The common economic area will certainly benefit from this.” The two cities and the savings bank committees are to decide on the merger in the coming year with retrospective effect from January 1st. The two municipal banks had only made their talks public two weeks ago, and there had been speculation before that.
In the ranking of 370 nationwide savings banks published by the German Savings Banks and Giro Association, the Kreis- und Stadtsparkasse Kaufbeuren was ranked 249th in 2021 with total assets of EUR 1.85 billion and 280 employees. The larger Sparkasse Allgäu, with its 830 employees, reported total assets of 5.2 billion and thus ranked 82nd. Both houses together would come to more than seven billion euros and would thus move up to around fifty in the Germany-wide ranking and be among the top ten in Bavaria. There should be no terminations due to the merger.