Number of Banks Shrinks Substantially

Businessn.a. ♦ Published: November 5, 2013; 13:15 ♦ (Vindobona)

Since 2008, about 10% of the banks had to be closed in the Eurozone. In the last five years, 16,200 bank shops were shut down. In Austria, the situation is almost the same.

Number of Banks Shrinks Substantially / Picture: ©

According to the ECB, the number of banks in the Eurozone continues to decrease. Most of the liquidated banks were based in Spain, Portugal and Greece.

Also in Austria, where the economic frame conditions are substantially better than in Southern Europe, the banking industry cannot escape the trend. After the financial crisis in 2008, Hypo Group Alpe Adria and Kommunalkredit had…