In politics, historical decisions are often and quickly discussed.
The district council actually wrote a piece of district history: The committee approved the merger of the Kreissparkasse Garmisch-Partenkirchen with the Sparkasse Oberland.
According to the script, the contract is to be signed in Weilheim on Friday, July 30th.
Krün
- The visit to a savings bank meeting in Augsburg left a lasting impression on District Administrator Anton Speer (Free Voters): "There were merger talks everywhere," he reported to the district councilors who had gathered in the Krün Kurhaus. "Everything is in a spirit of optimism."
This also applies to the financial landscape here in the region.
Because the district council unanimously gave the green light for a merger in the Isar valley community: two banks, the Kreissparkasse Garmisch-Partenkirchen and the Sparkasse Oberland, merge into one.
This step does not come as a surprise: it had emerged in the past few weeks.
Before that, the “marriage contract” had been meticulously negotiated behind the scenes.
On Friday, July 30th, those responsible in Weilheim want to finalize the official merger agreement.
The future balance sheet total will amount to 4.46 billion euros
The size of the new structure, which will operate under the name Sparkasse Oberland from June 1, 2022, is impressive: the balance sheet total is around 4.46 billion euros - and the number of employees is 715.
The background to the merger is known. The entire industry is under tremendous pressure: the European Central Bank's zero interest rate policy, rapidly advancing digitization and increasing requirements pose enormous challenges for credit institutions - and ensure that old business models no longer work properly. “The earnings situation is very weak,” reported Speer about the current state of the Kreissparkasse, which is run by the district. And this despite the fact that a tough austerity course has been pursued in recent years - with downsizing and branch closings. Mergers like these should help to leverage synergies, to grow and in this way to secure the future.
Mind games about a merger of the two neighboring savings banks are not new.
It is obvious that the two financial institutions go together, especially since communities in the northern district of Garmisch-Partenkirchen, including Murnau, are already part of the Sparkasse Oberland.
However, in 2015, when the bank wedding was already an issue, skepticism prevailed in Werdenfelser Land.
One feared for the independence.
"It is the right way"
But times have changed - and so have perspectives, apparently. "It's the right way," commented Vice District Administrator Dr. Michael Rapp (CSU) in the district council meeting the envisaged amalgamation. “We negotiated on an equal footing,” he reported. After all, there are two “financially strong partners”. Speer also said: “The conversations were good.” The Garmisch-Partenkirchen side had been able to assert a large number of their demands. This includes, for example, having two board members in the executive suite in the future. "That would have been impossible five years ago," said the district administrator. A guarantee of existence is also given for the advice centers of the Kreissparkasse. And there should be no merger-related layoffs. "Everyone is needed," said Peter Lingg, Chairman of the Board of the Kreissparkasse.
Politicians and bankers have high hopes for the merger. "It is strategically wise to take this step from the position of strength," is Lingg's credo. The Kreissparkasse is a dwarf in the Bavarian financial market. With its total assets (2020: around 1.23 billion euros), it ranks 61st among the 64 savings banks in the Free State. That should change soon: Together with the Sparkasse Oberland, it rises to the top midfield.
