Number of bank branches has shrunk by 30 percent since 2005

Reductions were made especially in the Raiffeisen and savings bank sector ©APA/THEMENBILD

According to an analysis by the Momentum Institute, the number of bank branches in Austria has shrunk significantly in recent decades. Since 2005, it has declined by around 30 percent, the institute wrote in a press release on Friday. Twenty years ago, there were 5,046 branches; by 2024, there were only 3,526. Significant declines have occurred primarily in the Raiffeisen and savings bank sectors.

For example, the number of Raiffeisen branches fell from 2,280 in 2005 to 1,522, while the savings banks' number decreased from 1,063 to 742. Volksbanks have also noticeably thinned their network, reducing the number of branches from 550 to 233 over the past two decades. In the joint-stock and banker sector—which includes Bank Austria and BAWAG, among others—significantly fewer branches were closed—in 2024, there were still 857 branches, compared to 921 in 2005. There was even an increase in the number of building societies—from 56 to 72.

Credit institution fees, however, have risen significantly over the same period. Since 2005, bank fees have increased by 62 percent, according to Momentum, citing an analysis of inflation data from Statistics Austria. The increase has been particularly sharp in the past three years (since 2022).

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