The history of Raiffeisen Group banks dates back to mid 19th century when first co-operatives and loan societies appeared to support farmers in the time of famine or economic breakdown.
Raiffeisen Group was founded by Friedrich Wilhelm Raiffeisen (1818-1888). As a mayor of a number of villages in the German Westerwald province in mid 19th century, he used all his efforts to help peasants in their fight for survival and started with a set-up of charitable co-operatives.
Soon, however, F.W.Raiffeisen realised that Christian principles of charity were not effective enough while an organised self-help would assist in achieving the goal. In 1862, he founded the first banking co-operative in Anhausen (Germany) that became a prototype of Raiffeisen banks.
The first Raiffeisenbank opened in Austria in 1886, and ten years later the total number of banks in Austria outreached six hundred.
Today, the Austrian Raiffeisen Banking Group is the country's most powerful banking group with the largest retail banking network and approximately a quarter of all domestic banking business.
Raiffeisenbank's logo consists of two crossed horse heads. They symbolise a gable cross, which, following an old custom, used to be attached to the roof gable of houses, and was supposed to protect its inhabitants against all outside dangers.
In a number of remote villages in Europe, this tradition is still alive.
Devotion and strength of a horse, and safety that a house gives - that was the Raiffeisenbank's choice of a symbol of safety of your money under a common roof of Raiffeisen Group in the unstable world of economic disturbances.