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German GLS Bank to open Vienna office

German GLS Bank announced yesterday (Mon) it will open an office in Vienna this year.

GLS spokesman Christof Lützel said the bank, which specialises in environmental and social investments, had not yet decided on the location of the office to be opened at the end of the year, and had not excluded the possibility of opening additional offices in Austria.

He added GKS would eventually engage in asset management and credit operations in Vienna in the course of continuously widening its services.

Lützel said the bank would do the bulk of its business by telephone and internet, as in Germany.

He claimed GLS had profited from the economic crisis by providing "simple and secure banking service" and had grown in the double-digits in the past few years.

GLS, founded in 1974, has seven offices and 73,000 customers in Germany.

It provides credit for projects in the sectors of bio-agriculture, health and assistance to the handicapped on behalf of depositors. It does not provide consumer credit.

Austrian Times

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