01 JUL 2021
Fitch Revises Outlooks on German Cooperative Banks and DZ BANK to Stable; Affirms at 'AA-'
Fitch Ratings - Frankfurt am Main - 01 Jul 2021: Fitch Ratings has revised Genossenschaftliche FinanzGruppe (GFG) and the members of its mutual support scheme, including GFG's central institution DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK) and 814 local cooperative banks, to Stable Outlook from Negative Outlook. Their Long-Term Issuer Default Ratings (IDRs) have been affirmed at 'AA-'.
The revisions of the Outlooks reflect our view that the risk of significant deterioration of the operating environment, leading to a durable weakening of GFG's asset quality and profitability, has subsided since our last rating action in August 2020.
GFG is not a legal entity but a cooperative banking network whose cohesion is ensured by a mutual support scheme managed by the National Association of German Cooperative Banks (BVR). GFG's IDRs apply to each member bank, in accordance with Annex 4 of Fitch's criteria for rating banking structures backed by mutual support schemes.
The ratings are underpinned by the high effectiveness of the scheme given its long and successful record of ensuring GFG's cohesion, monitoring members' risks and enforcing corrective measures when needed. The scheme has effectively protected its members' viability and averted losses for their creditors since its inception.
Fitch has also downgraded Deutsche Apotheker- und Aerztebank eG's (apoBank) Long-Term Deposit Rating because we no longer expect the bank's buffer of senior non-preferred and more junior debt to remain sustainably above 10% of risk weighted assets (RWAs) as the bank is not required to maintain resolution debt buffers.
Fitch has withdrawn the ratings of 27 local cooperative banks because they no longer exist as separate entities following their mergers with other members of the group. As a result, Fitch will no longer provide ratings or analytical coverage for these entities. A full list of rating actions for all rated members of GFG is available below.
Key Rating Drivers
IDRS, VIABILITY RATING AND SENIOR NON-PREFERRED DEBT RATINGS GFG's strong company profile, underpinned by a leading and very diversified domestic franchise in retail and small SME banking, has a high influence on the group's 'aa-' Viability Rating (VR), which drives the IDRs and debt ratings of the group and its members. The ratings also reflect GFG's strong risk- adjusted capitalisation and low leverage, sound asset quality, above-German average profitability and an outstanding funding profile by international standards.
The group's conservative risk appetite reflects the local banks' sound underwriting standards; DZ BANK's sound risk profile following de-risking, including the ongoing wind-down of its ship-financing business; modest capital-market activities; and low traded market risk. A stronger strategic alignment of DZ BANK, BVR and the local banks and intensified internal cooperation and cross-selling have also strengthened GFG's business model over the past decade.
Capitalisation is strong, and GFG's leverage ratio is high by international standards. We adjust positively our assessment of GFG's risk-weighted capital ratios for the use of the standardised approach by GFG's local banks to measure credit risk for all asset classes, resulting in a higher risk- weight density than international peers'. We expect GFG's common equity Tier 1 (CET1) ratio to remain close to its current level in the medium term, as strong earnings retention is offset by loan growth that we anticipate will exceed the German-sector average, albeit slower than in previous years.
The stability of GFG's profitability has been higher than the overall German banking sector, and we expect pre-impairment profits to remain sound over the next two years. The banking books of GFG's local banks are exposed to high structural interest-rate risk, which is predominantly unhedged. The local banks' large portion of price-inelastic retail deposits would mitigate the negative impact of rising interest rates. However, interest rates are likely to remain low for longer which, combined with the German banking sector's stiff competition, will further erode the local banks' net interest margins. So far, the strong growth of GFG's loan book and net commission income has offset this erosion, but further fee increases could be increasingly challenging to impose on clients. At the same time, we expect the local banks to reduce their cost base by increasingly closing their branches.
The historical cyclicality of GFG's asset quality has been rather modest and strongly correlates with the number of corporate insolvencies in Germany, which has further decreased since the start of the pandemic due to large-scale state-support measures. We expect insolvencies to rise after the legal suspension of the obligation to file for bankruptcy ended in 1Q21 and as support measures are progressively phased out, but the four-year average impaired loans ratio should comfortably remain within the implied 'a' category.
GFG's very stable funding and liquidity remains a rating strength. The local banks are predominantly funded by granular domestic retail deposits, and their structurally large excess liquidity covers most of DZ BANK's short-term funding needs. As a frequent issuer of unsecured debt and the largest German covered bond issuer to an established and geographically diversified investor base, DZ BANK provides GFG with reliable access to wholesale markets. The group's Short-Term IDR of 'F1+' maps to the Long- Term IDR of 'AA-'.
The IDRs of DZ BANK and its subsidiaries are group ratings and, as such, driven by the group's VR. Their senior non-preferred debt ratings are aligned with the Long-Term IDRs.
DERIVATIVE COUNTERPARTY (DCR), SENIOR PREFERRED DEBT AND DEPOSIT RATINGS
The Long-Term Deposit Ratings and long-term senior preferred debt ratings of DZ BANK and its banking subsidiaries, the Long-Term Deposit Rating of Muenchener Hypothekenbank eG as well as DZ BANK's DCR are one notch above their respective Long-Term IDRs because of the protection provided by resolution buffers to preferred creditors. In our view, resolution would only occur in the extremely unlikely event that GFG's mutual support scheme fails to protect group members' viability.
The Deposit Ratings of apoBank and of the 814 local cooperative banks are aligned with GFG's IDRs due to the absence of sustainable significant resolution debt buffers at these entities. Each local bank is regulated individually as a less significant institution. Consequently, the German regulator's preferred resolution strategy for these banks consists of standard insolvency procedures, versus the preferred resolution strategy of bail-in for the DZ BANK group as well as for Muenchener Hyp, each of which is directly supervised by the European Single Resolution Board (SRB) and follows a single-point- of-entry approach. Therefore, the predominantly deposit-funded local banks have no incentive to build up resolution buffers. This is also valid for apoBank, which is directly supervised by the SRB, but is not required to maintain resolution buffers in excess of its capital requirements.
SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)
GFG's SR and SRF reflect our view that extraordinary sovereign support for EU banks is possible but cannot be relied upon due to the Bank Recovery and Resolution Directive and the Single Resolution Mechanism's resolution tools and mechanisms. It is likely that senior creditors will be required to participate in losses, if necessary, instead of, or ahead of, the group receiving sovereign support.
SUBORDINATED TIER 2 DEBT
The ratings of the subordinated Tier 2 notes issued by DZ BANK and its subsidiaries are two notches below GFG's VR, which is the standard notching for this type of debt under Fitch's criteria. We use the VR as anchor rating as we believe that GFG, by protecting the viability of DZ BANK and its subsidiaries, increases the likelihood that all due payments on these notes will continue to be met.
Rating Sensitivities
Factors that could, individually or collectively, lead to positive rating action/upgrade:
An upgrade of the VR of GFG and the Long-Term IDRs and instrument ratings of GFG and its members is unlikely given the already high ratings and in light of the adverse interest-rate environment that is likely to prevail over the long term. An upgrade would require greater cost efficiency, which is likely to necessitate a protracted streamlining of the group's structure, especially at the local banks.
We would upgrade GFG's SR and revise the group's SRF upward only if we believe in a rising propensity from the sovereign to support systemically important banks, which is highly unlikely in the current regulatory environment.
Factors that could, individually or collectively, lead to negative rating action/downgrade:
The likely persistence of very low interest rates could eventually trigger a downgrade of GFG's ratings, in particular if GFG's operating profits/RWAs fall durably below 1%. In addition, the VR remains sensitive to deteriorating capital ratios, which could result from the combination of erosion of net interest margins and continued strong balance-sheet growth. In particular, a regulatory CET 1 ratio durably below 13% could trigger a downgrade. An impaired loans ratio durably above 3% or a downgrade of our operating environment score for GFG (currently 'aa-'/Stable) would also put pressure on its ratings.
We could also downgrade the long-term preferred ratings if we believe that the sum of senior non- preferred and more junior debt buffers at DZ BANK or Muenchener Hyp would no longer be sustained at above 10% of the banks' respective RWAs.
A downgrade of the Long-Term IDR would trigger a downgrade of the group's Short-Term IDR and short-term instrument ratings only if our assessment of GFG's funding and liquidity profile also weakens. This is because our current assessment of the group's funding and liquidity of 'aa' would still allow the group to achieve a Short-Term IDR of 'F1+' under our criteria.
Subsidiaries: Key Rating Drivers
Not applicable.
Other Debt And Issuer Ratings: Key Rating Drivers
Not applicable.
ESG Considerations
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
Best/Worst Case Rating Scenario
International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector- specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/ 10111579
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Fitch Ratings Analysts
Patrick Rioual Senior Director Primary Rating Analyst +49 69 768076 123 Fitch Ratings – a branch of Fitch Ratings Ireland Limited Neue Mainzer Strasse 46 - 50 Frankfurt am Main D-60311
Marco Diamantini Associate Director Secondary Rating Analyst +49 69 768076 114
Olivia Perney Managing Director Committee Chairperson +33 1 44 29 91 74
Media Contacts
Adrian Simpson London +44 20 3530 1010 [email protected]
Louisa Williams London +44 20 3530 2452 [email protected] Applicable Criteria
Bank Rating Criteria (pub.28 Feb 2020) (including rating assumption sensitivity)
Additional Disclosures
Solicitation Status
Endorsement Status
EU Issued, UK Aachener Bank eG Endorsed
EU Issued, UK Abtsgmuender Bank -Raiffeisen- eG Endorsed
EU Issued, UK Aktivbank AG Endorsed
EU Issued, UK Allgaeuer Volksbank eG Kempten-Sonthofen Endorsed
EU Issued, UK Alxing-Brucker Genossenschaftsbank eG Endorsed
EU Issued, UK BAG Bankaktiengesellschaft Endorsed
EU Issued, UK Bank 1 Saar eG Endorsed
EU Issued, UK Bank fuer Kirche und Caritas eG Endorsed
EU Issued, UK Bank fuer Kirche und Diakonie eG - KD-Bank Endorsed EU Issued, UK Bank fuer Sozialwirtschaft AG Endorsed
EU Issued, UK Bank Im Bistum Essen eG Endorsed
EU Issued, UK Bausparkasse Schwaebisch Hall AG Endorsed
EU Issued, UK Bayerische BodenseeBank -Raiffeisen- eG Endorsed
EU Issued, UK BBBank eG Endorsed
EU Issued, UK Bensberger Bank eG Endorsed
EU Issued, UK Berkheimer Bank eG Endorsed
EU Issued, UK Berliner Volksbank eG Endorsed
EU Issued, UK Bernhauser Bank eG Endorsed
EU Issued, UK Bopfinger Bank Sechta-Ries eG Endorsed
EU Issued, UK Brandenburger Bank Volksbank-Raiffeisenbank eG Endorsed
EU Issued, UK Bremische Volksbank eG Endorsed
EU Issued, UK Bruehler Bank eG Endorsed
Budenheimer Volksbank eG EU Issued, UK Endorsed
EU Issued, UK CB Bank GmbH Endorsed
EU Issued, UK Dettinger Bank eG Endorsed
EU Issued, UK Deutsche Apotheker- und Aerztebank eG Endorsed
EU Issued, UK Deutsche WertpapierService Bank AG Endorsed
EU Issued, UK Dithmarscher Volks- und Raiffeisenbank eG Endorsed
EU Issued, UK DKM Darlehnskasse Muenster eG Endorsed
EU Issued, UK Donau-Iller Bank eG Endorsed
EU Issued, UK Dortmunder Volksbank eingetragene Genossenschaft Endorsed
EU Issued, UK DVB Bank SE Endorsed
EU Issued, UK DZ BANK AG Deutsche Zentral-Genossenschaftsbank Endorsed
EU Issued, UK DZ Bank Capital Funding Trust III Endorsed
EU Issued, UK DZ HYP AG Endorsed
EU Issued, UK DZ PRIVATBANK S.A. Endorsed EU Issued, UK DZB Bank GmbH Endorsed
EU Issued, UK Echterdinger Bank eG Endorsed
EU Issued, UK Eckernfoerder Bank eG Volksbank-Raiffeisenbank Endorsed
EU Issued, UK Edekabank AG Endorsed
EU Issued, UK Emslaendische Volksbank eG Endorsed
EU Issued, UK Erfurter Bank eG Endorsed
EU Issued, UK Evangelische Bank eG Endorsed
EU Issued, UK Evenord-Bank eG-KG Endorsed
EU Issued, UK Federseebank eG Endorsed
EU Issued, UK Foehr-Amrumer Bank eG Endorsed
EU Issued, UK Frankenberger Bank, Raiffeisenbank eG Endorsed
EU Issued, UK Frankfurter Volksbank eG Endorsed
EU Issued, UK Freisinger Bank eG Volksbank-Raiffeisenbank Endorsed
GENO BANK ESSEN eG EU Issued, UK Endorsed
EU Issued, UK Genobank Mainz eG Endorsed
EU Issued, UK Genossenschaftliche FinanzGruppe Endorsed
EU Issued, UK Genossenschaftsbank eG Muenchen Endorsed
EU Issued, UK Genossenschaftsbank Unterallgaeu eG Endorsed
EU Issued, UK Genossenschaftsbank Weil im Schoenbuch eG Endorsed
EU Issued, UK Gladbacher Bank AG von 1922 Endorsed
EU Issued, UK GLS Gemeinschaftsbank eG Endorsed
EU Issued, UK Grafschafter Volksbank eG Endorsed
EU Issued, UK Hagnauer Volksbank eG Endorsed
EU Issued, UK Hamburger Volksbank eG Endorsed
EU Issued, UK Hannoversche Volksbank eG Endorsed
EU Issued, UK Harzer Volksbank eG Endorsed
EU Issued, UK HAUSBANK MUENCHEN eG Bank fuer Haus- und Grundbesitz Endorsed EU Issued, UK Heidelberger Volksbank eG Endorsed
EU Issued, UK Heidenheimer Volksbank eG Endorsed
EU Issued, UK Huemmlinger Volksbank eG Endorsed
EU Issued, UK Huettenberger Bank eG Endorsed
EU Issued, UK Kaltenkirchener Bank eG Endorsed
EU Issued, UK Kieler Volksbank eG Endorsed
EU Issued, UK Kurhessische Landbank eG Endorsed
EU Issued, UK Landbank Horlofftal eG Endorsed
EU Issued, UK Leipziger Volksbank eG Endorsed
EU Issued, UK levoBank eG Endorsed
EU Issued, UK LIGA Bank eG Endorsed
EU Issued, UK Maerkische Bank eG Endorsed
EU Issued, UK Mainzer Volksbank Eg Endorsed
Mendener Bank eG EU Issued, UK Endorsed
EU Issued, UK MKB Mittelstandskreditbank AG Endorsed
EU Issued, UK Muenchener Hypothekenbank eG Endorsed
EU Issued, UK Muenchner Bank eG Endorsed
EU Issued, UK Nordthueringer Volksbank eG Endorsed
EU Issued, UK Onstmettinger Bank eG Endorsed
EU Issued, UK Ostfriesische Volksbank eG Endorsed
EU Issued, UK Pax-Bank eG Endorsed
EU Issued, UK Pommersche Volksbank eG Endorsed
EU Issued, UK PSD Bank Berlin-Brandenburg eG Endorsed
EU Issued, UK PSD Bank Braunschweig eG Endorsed
EU Issued, UK PSD Bank Hannover eG Endorsed
EU Issued, UK PSD Bank Hessen-Thueringen eG Endorsed
EU Issued, UK PSD Bank Karlsruhe Neustadt eG Endorsed EU Issued, UK PSD Bank Kiel eG Endorsed
EU Issued, UK PSD Bank Koblenz eG Endorsed
EU Issued, UK PSD Bank Muenchen eG Endorsed
EU Issued, UK PSD Bank Nord eG Endorsed
EU Issued, UK PSD Bank Nuernberg eG Endorsed
EU Issued, UK PSD Bank Rhein-Ruhr eG Endorsed
EU Issued, UK PSD Bank RheinNeckarSaar eG Endorsed
EU Issued, UK PSD Bank West eG Endorsed
EU Issued, UK PSD Bank Westfalen-Lippe eG Endorsed
EU Issued, UK Raiffeisen - meine Bank eG Endorsed
EU Issued, UK Raiffeisen Privatbank eG Endorsed
EU Issued, UK Raiffeisen Spar + Kreditbank eG Endorsed
EU Issued, UK Raiffeisen-Bank Eschweiler eG Endorsed
Raiffeisen-Volksbank Aschaffenburg eG EU Issued, UK Endorsed
EU Issued, UK Raiffeisen-Volksbank Bad Staffelstein eG Endorsed
EU Issued, UK Raiffeisen-Volksbank Donauwoerth eG Endorsed
EU Issued, UK Raiffeisen-Volksbank Ebersberg eG Endorsed
EU Issued, UK Raiffeisen-Volksbank eG Aurich Endorsed
EU Issued, UK Raiffeisen-Volksbank Fresena eG Endorsed
EU Issued, UK Raiffeisen-Volksbank Hassberge eG Endorsed
EU Issued, UK Raiffeisen-Volksbank Hermsdorfer Kreuz eG Endorsed
EU Issued, UK Raiffeisen-Volksbank Neustadt eG Endorsed
EU Issued, UK Raiffeisen-Volksbank Oder-Spree eG Endorsed
EU Issued, UK Raiffeisen-Volksbank Ries eG Endorsed
EU Issued, UK Raiffeisen-Volksbank Saale-Orla eG Endorsed
EU Issued, UK Raiffeisen-Volksbank Tuessling-Unterneukirchen eG Endorsed
EU Issued, UK Raiffeisen-Volksbank Varel-Nordenham eG Endorsed EU Issued, UK Raiffeisen-Volksbank Wemding eG Endorsed
EU Issued, UK Raiffeisenbank Adelzhausen-Sielenbach eG Endorsed
EU Issued, UK Raiffeisenbank Aichhalden-Hardt-Sulgen eG Endorsed
EU Issued, UK Raiffeisenbank Aidlingen eG Endorsed
EU Issued, UK Raiffeisenbank Aiglsbach eG Endorsed
EU Issued, UK Raiffeisenbank Aindling eG Endorsed
EU Issued, UK Raiffeisenbank Aitrang-Ruderatshofen eG Endorsed
EU Issued, UK Raiffeisenbank Altdorf-Ergolding eG Endorsed
EU Issued, UK Raiffeisenbank Altdorf-Feucht eG Endorsed
EU Issued, UK Raiffeisenbank Alteglofsheim-Hagelstadt eG Endorsed
EU Issued, UK Raiffeisenbank Altschweier eG Endorsed
EU Issued, UK Raiffeisenbank am Dreisessel eG Endorsed
EU Issued, UK Raiffeisenbank Am Goldenen Steig eG Endorsed
Raiffeisenbank am Kulm eG EU Issued, UK Endorsed
EU Issued, UK Raiffeisenbank Anger eG Endorsed
EU Issued, UK Raiffeisenbank Aresing-Gerolsbach eG Endorsed
EU Issued, UK Raiffeisenbank Arnstorf eG Endorsed
EU Issued, UK Raiffeisenbank Asbach-Burghaun eG Endorsed
EU Issued, UK Raiffeisenbank Aschau-Samerberg eG Endorsed
EU Issued, UK Raiffeisenbank Aschberg eG Endorsed
EU Issued, UK Raiffeisenbank Auerbach-Freihung eG Endorsed
EU Issued, UK Raiffeisenbank Augsburger Land West eG Endorsed
EU Issued, UK Raiffeisenbank Aulendorf eG Endorsed
EU Issued, UK Raiffeisenbank Bad Koetzting eG Endorsed
EU Issued, UK Raiffeisenbank Bad Saulgau eG Endorsed
EU Issued, UK Raiffeisenbank Bad Schussenried eG Endorsed
EU Issued, UK Raiffeisenbank Bad Windsheim eG Endorsed EU Issued, UK Raiffeisenbank Baisweil-Eggenthal-Friesenried eG Endorsed
EU Issued, UK Raiffeisenbank Bechhofen eG Endorsed
EU Issued, UK Raiffeisenbank Beilngries eG Endorsed
EU Issued, UK Raiffeisenbank Berghuelen eG Endorsed
EU Issued, UK Raiffeisenbank Beuerberg-Eurasburg eG Endorsed
EU Issued, UK Raiffeisenbank Biberach eG Endorsed
EU Issued, UK Raiffeisenbank Bibertgrund eG Endorsed
EU Issued, UK Raiffeisenbank Bidingen eG Endorsed
EU Issued, UK Raiffeisenbank Biebergrund-Petersberg eG Endorsed
EU Issued, UK Raiffeisenbank Bissingen eG Endorsed
EU Issued, UK Raiffeisenbank Bobingen eG Endorsed
EU Issued, UK Raiffeisenbank Boellingertal eG Endorsed
EU Issued, UK Raiffeisenbank Borken Nordhessen eG Endorsed
Raiffeisenbank Bruck eG EU Issued, UK Endorsed
EU Issued, UK Raiffeisenbank Buch-Eching eG Endorsed
EU Issued, UK Raiffeisenbank Buehlertal eG Endorsed
EU Issued, UK Raiffeisenbank Buetthard-Gaukoenigshofen eG Endorsed
EU Issued, UK Raiffeisenbank Burgebrach-Stegaurach eG Endorsed
EU Issued, UK Raiffeisenbank Butjadingen-Abbehausen eG Endorsed
EU Issued, UK Raiffeisenbank Chamer Land eG Endorsed
EU Issued, UK Raiffeisenbank Chiemgau - Nord - Obing eG Endorsed
EU Issued, UK Raiffeisenbank Denzlingen-Sexau eG Endorsed
EU Issued, UK Raiffeisenbank Dietersheim und Umgebung eG Endorsed
EU Issued, UK Raiffeisenbank Donau-Heuberg eG Endorsed
EU Issued, UK Raiffeisenbank Ebrachgrund eG Endorsed
EU Issued, UK Raiffeisenbank eG Baunatal Endorsed
EU Issued, UK Raiffeisenbank eG Deggendorf-Plattling-Sonnenwald Endorsed EU Issued, UK Raiffeisenbank eG Hagenow Endorsed
EU Issued, UK Raiffeisenbank eG Handewitt Endorsed
EU Issued, UK Raiffeisenbank eG Lauenburg Endorsed
EU Issued, UK Raiffeisenbank eG Leezen Endorsed
EU Issued, UK Raiffeisenbank eG Moormerland Endorsed
EU Issued, UK Raiffeisenbank eG Niederwallmenach Endorsed
EU Issued, UK Raiffeisenbank eG Offenbach/M.-Bieber Endorsed
EU Issued, UK Raiffeisenbank eG Owschlag Endorsed
EU Issued, UK Raiffeisenbank eG Ratzeburg Endorsed
EU Issued, UK Raiffeisenbank eG Rodenbach Endorsed
EU Issued, UK Raiffeisenbank eG Scharrel Endorsed
EU Issued, UK Raiffeisenbank eG Seestermuehe Endorsed
EU Issued, UK Raiffeisenbank eG Simmerath Endorsed
Raiffeisenbank eG Struvenhuetten EU Issued, UK Endorsed
EU Issued, UK Raiffeisenbank eG Todenbuettel Endorsed
EU Issued, UK Raiffeisenbank eG Unterwesterwald Endorsed
EU Issued, UK Raiffeisenbank Ehekirchen-Oberhausen eG Endorsed
EU Issued, UK Raiffeisenbank Ehingen Hochstraess eG Endorsed
EU Issued, UK Raiffeisenbank Eichenbuehl und Umgebung eG Endorsed
EU Issued, UK Raiffeisenbank Eifeltor eG Endorsed
EU Issued, UK Raiffeisenbank Elbmarsch eG Endorsed
EU Issued, UK Raiffeisenbank Elsavatal eG Endorsed
EU Issued, UK Raiffeisenbank Elztal eG Endorsed
EU Issued, UK Raiffeisenbank Emsland-Mitte eG Endorsed
EU Issued, UK Raiffeisenbank Emtmannsberg eG Endorsed
EU Issued, UK Raiffeisenbank Erding eG Endorsed
EU Issued, UK Raiffeisenbank Erkelenz eG Endorsed EU Issued, UK Raiffeisenbank Erlenbach eG Endorsed
EU Issued, UK Raiffeisenbank Erlenmoos eG Endorsed
EU Issued, UK Raiffeisenbank Ersingen eG Endorsed
EU Issued, UK Raiffeisenbank Eschlkam-Lam-Lohberg-Neukirchen b. Hl. Blut eG Endorsed
EU Issued, UK Raiffeisenbank Essenbach eG Endorsed
EU Issued, UK Raiffeisenbank Estenfeld-Bergtheim eG Endorsed
EU Issued, UK Raiffeisenbank Falkenstein-Woerth eG Endorsed
EU Issued, UK Raiffeisenbank Fischenich-Kendenich eG Endorsed
EU Issued, UK Raiffeisenbank Flachsmeer eG Endorsed
EU Issued, UK Raiffeisenbank Floss eG Endorsed
EU Issued, UK Raiffeisenbank Fraenkische Schweiz eG Endorsed
EU Issued, UK Raiffeisenbank Frankenhardt-Stimpfach eG Endorsed
EU Issued, UK Raiffeisenbank Frankenwinheim und Umgebung eG Endorsed
Raiffeisenbank Freinsheim eG EU Issued, UK Endorsed
EU Issued, UK Raiffeisenbank Fuchstal-Denklingen eG Endorsed
EU Issued, UK Raiffeisenbank Gammesfeld eG Endorsed
EU Issued, UK Raiffeisenbank Gefrees eG Endorsed
EU Issued, UK Raiffeisenbank Geiselhoering-Pfaffenberg eG Endorsed
EU Issued, UK Raiffeisenbank Geislingen-Rosenfeld eG Endorsed
EU Issued, UK Raiffeisenbank Gilching eG Endorsed
EU Issued, UK Raiffeisenbank Gmund am Tegernsee eG Endorsed
EU Issued, UK Raiffeisenbank Gotha eG Endorsed
EU Issued, UK Raiffeisenbank Graevenwiesbach eG Endorsed
EU Issued, UK Raiffeisenbank Grainet eG Endorsed
EU Issued, UK Raiffeisenbank Greding-Thalmaessing eG Endorsed
EU Issued, UK Raiffeisenbank Griesstaett-Halfing eG Endorsed
EU Issued, UK Raiffeisenbank Grimma eG Endorsed EU Issued, UK Raiffeisenbank Gruibingen eG Endorsed
EU Issued, UK Raiffeisenbank Gymnich eG Endorsed
EU Issued, UK Raiffeisenbank Haag-Gars-Maitenbeth eG Endorsed
EU Issued, UK Raiffeisenbank Hallertau eG Endorsed
EU Issued, UK Raiffeisenbank Hardt-Bruhrain eG Endorsed
EU Issued, UK Raiffeisenbank Heilsbronn-Windsbach eG Endorsed
EU Issued, UK Raiffeisenbank Hemau-Kallmunz eG Endorsed
EU Issued, UK Raiffeisenbank Hengersberg-Schoellnach eG Endorsed
EU Issued, UK Raiffeisenbank Heroldsbach eG Endorsed
EU Issued, UK Raiffeisenbank Hersbruck eG Endorsed
EU Issued, UK Raiffeisenbank HessenNord eG Endorsed
EU Issued, UK Raiffeisenbank Hiltenfingen eG Endorsed
EU Issued, UK Raiffeisenbank Hirschau eG Endorsed
Raiffeisenbank Hochfranken West eG EU Issued, UK Endorsed
EU Issued, UK Raiffeisenbank Hoechberg eG Endorsed
EU Issued, UK Raiffeisenbank Hohenloher Land eG Endorsed
EU Issued, UK Raiffeisenbank Holzkirchen-Otterfing eG Endorsed
EU Issued, UK Raiffeisenbank i. Lkrs. Passau-Nord eG Endorsed
EU Issued, UK Raiffeisenbank Ichenhausen eG Endorsed
EU Issued, UK Raiffeisenbank im Allgaeuer Land eG Endorsed
EU Issued, UK Raiffeisenbank im Breisgau eG Endorsed
EU Issued, UK Raiffeisenbank im Donautal eG Endorsed
EU Issued, UK Raiffeisenbank im Fuldaer Land eG Endorsed
EU Issued, UK Raiffeisenbank im Grabfeld eG Endorsed
EU Issued, UK Raiffeisenbank im Hochtaunus eG Endorsed
EU Issued, UK Raiffeisenbank im Kreis Calw eG Endorsed
EU Issued, UK Raiffeisenbank im Oberland eG Endorsed EU Issued, UK Raiffeisenbank Irrel eG Endorsed
EU Issued, UK Raiffeisenbank Isar-Loisachtal eG Endorsed
EU Issued, UK Raiffeisenbank Jettingen-Scheppach eG Endorsed
EU Issued, UK Raiffeisenbank Kaarst eG Endorsed
EU Issued, UK Raiffeisenbank Kaiserstuhl eG Endorsed
EU Issued, UK Raiffeisenbank Kalbe-Bismark eG Endorsed
EU Issued, UK Raiffeisenbank Kastellaun eG Endorsed
EU Issued, UK Raiffeisenbank Kehrig eG Endorsed
EU Issued, UK Raiffeisenbank Kempten-Oberallgaeu eG Endorsed
EU Issued, UK Raiffeisenbank Kieselbronn eG Endorsed
EU Issued, UK Raiffeisenbank Kirchweihtal eG Endorsed
EU Issued, UK Raiffeisenbank Kirtorf eG Endorsed
EU Issued, UK Raiffeisenbank Kissing-Mering eG Endorsed
Raiffeisenbank Kitzinger Land eG EU Issued, UK Endorsed
EU Issued, UK Raiffeisenbank Knoblauchsland eG Endorsed
EU Issued, UK Raiffeisenbank Kreis Kelheim eG Endorsed
EU Issued, UK Raiffeisenbank Kueps-Mitwitz-Stockheim eG Endorsed
EU Issued, UK Raiffeisenbank Lorup eG Endorsed
EU Issued, UK Raiffeisenbank Main-Spessart eG Endorsed
EU Issued, UK Raiffeisenbank Maitis eG Endorsed
EU Issued, UK Raiffeisenbank Massbach eG Endorsed
EU Issued, UK Raiffeisenbank Mecklenburger Seenplatte eG Endorsed
EU Issued, UK Raiffeisenbank Mehring-Leiwen eG Endorsed
EU Issued, UK Raiffeisenbank Mehrstetten eG Endorsed
EU Issued, UK Raiffeisenbank Mittelschwaben eG Endorsed
EU Issued, UK Raiffeisenbank Mittenwald eG Endorsed
EU Issued, UK Raiffeisenbank Moetzingen eG Endorsed EU Issued, UK Raiffeisenbank Moselkrampen eG Endorsed
EU Issued, UK Raiffeisenbank Muenchen-Nord eG Endorsed
EU Issued, UK Raiffeisenbank Muenchen-Sued eG Endorsed
EU Issued, UK Raiffeisenbank Mutlangen eG Endorsed
EU Issued, UK Raiffeisenbank Nahe eG Endorsed
EU Issued, UK Raiffeisenbank Neumarkt i.d.OPf. eG Endorsed
EU Issued, UK Raiffeisenbank Neumarkt-St. Veit - Reischach eG Endorsed
EU Issued, UK Raiffeisenbank Neustadt eG Endorsed
EU Issued, UK Raiffeisenbank Neustadt-Vohenstrauss eG Endorsed
EU Issued, UK Raiffeisenbank Niedere Alb eG Endorsed
EU Issued, UK Raiffeisenbank Noerdliche Bergstrasse eG Endorsed
EU Issued, UK Raiffeisenbank Nordkreis Landsberg eG Endorsed
EU Issued, UK Raiffeisenbank Nuedlingen eG Endorsed
Raiffeisenbank Oberaudorf eG EU Issued, UK Endorsed
EU Issued, UK Raiffeisenbank Oberes Gaeu eG Endorsed
EU Issued, UK Raiffeisenbank Oberferrieden-Burgthann eG Endorsed
EU Issued, UK Raiffeisenbank Oberland eG Endorsed
EU Issued, UK Raiffeisenbank Obermain Nord eG Endorsed
EU Issued, UK Raiffeisenbank Oberpfalz NordWest eG Endorsed
EU Issued, UK Raiffeisenbank Oberpfalz Sued eG Endorsed
EU Issued, UK Raiffeisenbank Oberteuringen-Meckenbeuren eG Endorsed
EU Issued, UK Raiffeisenbank Oldenburg eG Endorsed
EU Issued, UK Raiffeisenbank Ortenburg-Kirchberg v.W. eG Endorsed
EU Issued, UK Raiffeisenbank Ostprignitz-Ruppin eG Endorsed
EU Issued, UK Raiffeisenbank Ottenbach eG Endorsed
EU Issued, UK Raiffeisenbank Parkstetten eG Endorsed
EU Issued, UK Raiffeisenbank Pfaffenhausen eG Endorsed EU Issued, UK Raiffeisenbank Pfaffenhofen a. d. Glonn eG Endorsed
EU Issued, UK Raiffeisenbank Pfaffenwinkel eG Endorsed
EU Issued, UK Raiffeisenbank Pfeffenhausen-Rottenburg-Wildenberg eG Endorsed
EU Issued, UK Raiffeisenbank Plankstetten AG Endorsed
EU Issued, UK Raiffeisenbank Raisting eG Endorsed
EU Issued, UK Raiffeisenbank Rastede eG Endorsed
EU Issued, UK Raiffeisenbank Rattiszell-Konzell eG Endorsed
EU Issued, UK Raiffeisenbank Regensburg-Wenzenbach eG Endorsed
EU Issued, UK Raiffeisenbank Regenstauf eG Endorsed
EU Issued, UK Raiffeisenbank Rehling eG Endorsed
EU Issued, UK Raiffeisenbank Reute-Gaisbeuren eG Endorsed
EU Issued, UK Raiffeisenbank Ried eG Endorsed
EU Issued, UK Raiffeisenbank Riedenburg-Lobsing eG Endorsed
Raiffeisenbank Rosenstein eG EU Issued, UK Endorsed
EU Issued, UK Raiffeisenbank Roth-Schwabach eG Endorsed
EU Issued, UK Raiffeisenbank RSA eG Endorsed
EU Issued, UK Raiffeisenbank Rupertiwinkel eG Endorsed
EU Issued, UK Raiffeisenbank Schaafheim eG Endorsed
EU Issued, UK Raiffeisenbank Schrobenhausener Land eG Endorsed
EU Issued, UK Raiffeisenbank Schrozberg-Rot am See eG Endorsed
EU Issued, UK Raiffeisenbank Schwaben Mitte eG Endorsed
EU Issued, UK Raiffeisenbank Schwabmuenchen eG Endorsed
EU Issued, UK Raiffeisenbank Seebachgrund eG Endorsed
EU Issued, UK Raiffeisenbank Singoldtal eG Endorsed
EU Issued, UK Raiffeisenbank Sinzing eG Endorsed
EU Issued, UK Raiffeisenbank Sondelfingen eG Endorsed
EU Issued, UK Raiffeisenbank St. Wolfgang-Schwindkirchen eG Endorsed EU Issued, UK Raiffeisenbank Stauden eG Endorsed
EU Issued, UK Raiffeisenbank Steingaden eG Endorsed
EU Issued, UK Raiffeisenbank Steinheim eG Endorsed
EU Issued, UK Raiffeisenbank Straubing eG Endorsed
EU Issued, UK Raiffeisenbank Struecklingen-Idafehn eG Endorsed
EU Issued, UK Raiffeisenbank Suedhardt eG Endorsed
EU Issued, UK Raiffeisenbank Suedl. Bayerischer Wald eG Endorsed
EU Issued, UK Raiffeisenbank Suedliches Ostallgaeu eG Endorsed
EU Issued, UK Raiffeisenbank Suedstormarn Moelln eG Endorsed
EU Issued, UK Raiffeisenbank Sulzbach-Rosenberg eG Endorsed
EU Issued, UK Raiffeisenbank Tattenhausen-Grosskarolinenfeld eG Endorsed
EU Issued, UK Raiffeisenbank Taufkirchen-Oberneukirchen eG Endorsed
EU Issued, UK Raiffeisenbank Thannhausen eG Endorsed
Raiffeisenbank Thurnauer Land eG EU Issued, UK Endorsed
EU Issued, UK Raiffeisenbank Tuengental eG Endorsed
EU Issued, UK Raiffeisenbank Tuerkheim eG Endorsed
EU Issued, UK Raiffeisenbank Uehlfeld-Dachsbach eG Endorsed
EU Issued, UK Raiffeisenbank Unteres Inntal eG Endorsed
EU Issued, UK Raiffeisenbank Unteres Vilstal eG Endorsed
EU Issued, UK Raiffeisenbank Unteres Zusamtal eG Endorsed
EU Issued, UK Raiffeisenbank Volkacher Mainschleife - Wiesentheid eG Endorsed
EU Issued, UK Raiffeisenbank Volkmarsen eG Endorsed
EU Issued, UK Raiffeisenbank Vordersteinenberg eG Endorsed
EU Issued, UK Raiffeisenbank Voreifel eG Endorsed
EU Issued, UK Raiffeisenbank Wald-Goerisried eG Endorsed
EU Issued, UK Raiffeisenbank Waldaschaff-Heigenbruecken eG Endorsed
EU Issued, UK Raiffeisenbank Wallgau-Kruen eG Endorsed EU Issued, UK Raiffeisenbank Wangen eG Endorsed
EU Issued, UK Raiffeisenbank Wegscheid eG Endorsed
EU Issued, UK Raiffeisenbank Weissenburg-Gunzenhausen eG Endorsed
EU Issued, UK Raiffeisenbank Welling eG Endorsed
EU Issued, UK Raiffeisenbank Werratal-Landeck eG Endorsed
EU Issued, UK Raiffeisenbank Wesermarsch-Sued eG Endorsed
EU Issued, UK Raiffeisenbank Westallgaeu eG Endorsed
EU Issued, UK Raiffeisenbank Westeifel eG Endorsed
EU Issued, UK Raiffeisenbank Westhausen eG Endorsed
EU Issued, UK Raiffeisenbank Westkreis Fuerstenfeldbruck eG Endorsed
EU Issued, UK Raiffeisenbank Wiesedermeer-Wiesede-Marcardsmoor eG Endorsed
EU Issued, UK Raiffeisenbank Wimsheim-Moensheim eG Endorsed
EU Issued, UK Raiffeisenbank Wuestenselbitz eG Endorsed
Raiffeisenbank Wyhl eG EU Issued, UK Endorsed
EU Issued, UK Raiffeisenbank Zeller Land eG Endorsed
EU Issued, UK Raiffeisenbank Zorneding eG Endorsed
EU Issued, UK Raiffeisenkasse Erbes-Buedesheim und Umgebung eG Endorsed
EU Issued, UK Rheingauer Volksbank eG Endorsed
EU Issued, UK Rosbacher Raiffeisenbank eG Endorsed
EU Issued, UK Rostocker Volks- und Raiffeisenbank eG Endorsed
EU Issued, UK Rottaler Raiffeisenbank eG Endorsed
EU Issued, UK Ruesselsheimer Volksbank eG Endorsed
EU Issued, UK Scharnhauser Bank eG Endorsed
EU Issued, UK Schleswiger Volksbank eG Volksbank Raiffeisenbank Endorsed
EU Issued, UK Schrobenhausener Bank eG Endorsed
EU Issued, UK Spar- und Darlehnskasse Bockum-Hoevel eG Endorsed
EU Issued, UK Spar- und Darlehnskasse Boerde Lamstedt-Hechthausen eG Endorsed EU Issued, UK Spar- und Darlehnskasse eG Endorsed
EU Issued, UK Spar- und Kreditbank Buehlertal eG Endorsed
EU Issued, UK Spar- und Kreditbank des Bundes Freier evangelischer Gemeinden eG Endorsed
EU Issued, UK Spar- und Kreditbank eG Hammah Endorsed
EU Issued, UK Spar- und Kreditbank Evangelisch-Freikirchlicher Gemeinden eG Endorsed
EU Issued, UK Spar- und Kreditbank Hardt eG Endorsed
EU Issued, UK Spar- und Kreditbank Rheinstetten eG Endorsed
EU Issued, UK Spar-u.Kredit-Bank eG Endorsed
EU Issued, UK Sparda-Bank Augsburg eG Endorsed
EU Issued, UK Sparda-Bank Baden-Wuerttemberg eG Endorsed
EU Issued, UK Sparda-Bank Berlin eG Endorsed
EU Issued, UK Sparda-Bank Hamburg eG Endorsed
EU Issued, UK Sparda-bank Hannover eG Endorsed
Sparda-Bank Hessen eG EU Issued, UK Endorsed
EU Issued, UK Sparda-Bank Muenchen eG Endorsed
EU Issued, UK Sparda-Bank Nuernberg eG Endorsed
EU Issued, UK Sparda-Bank Ostbayern eG Endorsed
EU Issued, UK Sparda-Bank Suedwest eG Endorsed
EU Issued, UK Sparda-Bank West eG Endorsed
EU Issued, UK Spreewaldbank eG Endorsed
EU Issued, UK Sylter Bank eG Endorsed
EU Issued, UK TeamBank AG Nuernberg Endorsed
EU Issued, UK Teba Kreditbank GmbH & Co. KG Endorsed
EU Issued, UK Union Investment Service Bank AG Endorsed
EU Issued, UK VBU Volksbank im Unterland eG Endorsed
EU Issued, UK VerbundVolksbank OWL eG Endorsed
EU Issued, UK Vereinigte Raiffeisenbank Burgstaedt eG Endorsed Vereinigte Raiffeisenbanken Graefenberg-Forchheim-Eschenau- EU Issued, UK Heroldsberg eG Endorsed
EU Issued, UK Vereinigte Volksbank eG Brakel Endorsed
EU Issued, UK Vereinigte Volksbank eG Ganderkesee-Hude-Bookholzberg-Lemwerder Endorsed
EU Issued, UK Vereinigte Volksbank eG Saarlouis - Losheim am See - Sulzbach/Saar Endorsed
EU Issued, UK Vereinigte Volksbank eG Sindelfingen Endorsed
EU Issued, UK Vereinigte Volksbank Muenster eG Endorsed
EU Issued, UK Vereinigte Volksbank Raiffeisenbank eG Endorsed
EU Issued, UK Vereinigte Volksbank Raiffeisenbank eG, Reinheim Endorsed
EU Issued, UK Vereinigte VR Bank Kur- und Rheinpfalz eG Endorsed
EU Issued, UK Vereinte Volksbank eG Endorsed
EU Issued, UK Volks- und Raiffeisenbank eG Wismar Endorsed
EU Issued, UK Volks- und Raiffeisenbank Eisleben eG Endorsed
EU Issued, UK Volks- und Raiffeisenbank Fuerstenwalde Seelow Wriezen eG Endorsed
Volks- und Raiffeisenbank Saale-Unstrut eG EU Issued, UK Endorsed
EU Issued, UK Volks- und Raiffeisenbank Saarpfalz eG Endorsed
EU Issued, UK Volks-und Raiffeisenbank Muldental eG Endorsed
EU Issued, UK Volks-und Raiffeisenbank Neuwied-Linz eG Endorsed
EU Issued, UK Volks-und Raiffeisenbank Prignitz eG Endorsed
EU Issued, UK Volksbank - Raiffeisenbank Vilshofen eG Endorsed
EU Issued, UK Volksbank Albstadt eG Endorsed
EU Issued, UK Volksbank Aller-Weser eG Endorsed
EU Issued, UK Volksbank Allgaeu-Oberschwaben eG Endorsed
EU Issued, UK Volksbank Altshausen eG Endorsed
EU Issued, UK Volksbank Alzey-Worms eG Endorsed
EU Issued, UK Volksbank am Wuerttemberg eG Endorsed
EU Issued, UK Volksbank Ammerbuch eG Endorsed
EU Issued, UK Volksbank an der Niers eG Endorsed EU Issued, UK Volksbank Anroechte eG Endorsed
EU Issued, UK Volksbank Ascheberg-Herbern eG Endorsed
EU Issued, UK Volksbank Backnang eG Endorsed
EU Issued, UK Volksbank Bad Oeynhausen-Herford eG Endorsed
EU Issued, UK Volksbank Bad Salzuflen eG Endorsed
EU Issued, UK Volksbank Bad Saulgau eG Endorsed
EU Issued, UK Volksbank Baden-Baden Rastatt eG Endorsed
EU Issued, UK Volksbank Baiersbronn Murgtal eG Endorsed
EU Issued, UK Volksbank Bakum eG Endorsed
EU Issued, UK Volksbank Baumberge eG Endorsed
EU Issued, UK Volksbank Beckum-Lippstadt eG Endorsed
EU Issued, UK Volksbank Beilstein-Ilsfeld-Abstatt eG Endorsed
EU Issued, UK Volksbank Berg eG Endorsed
Volksbank Bielefeld-Guetersloh eG EU Issued, UK Endorsed
EU Issued, UK Volksbank Bigge-Lenne eG Endorsed
EU Issued, UK Volksbank Blaubeuren EG Endorsed
EU Issued, UK Volksbank Bocholt eG Endorsed
EU Issued, UK Volksbank Bochum Witten eG Endorsed
EU Issued, UK Volksbank Boenen eG Endorsed
EU Issued, UK Volksbank Boerde-Bernburg eG Endorsed
EU Issued, UK Volksbank Boerssum-Hornburg eG Endorsed
EU Issued, UK Volksbank Boesel eG Endorsed
EU Issued, UK Volksbank Bramgau-Wittlage eG Endorsed
EU Issued, UK Volksbank Brandoberndorf eG Endorsed
EU Issued, UK Volksbank Braunlage eG Endorsed
EU Issued, UK Volksbank Breisgau Nord eG Endorsed
EU Issued, UK Volksbank Breisgau-Markgraeflerland eG Endorsed EU Issued, UK Volksbank Bremen-Nord eG Endorsed
EU Issued, UK Volksbank Brenztal eG Endorsed
EU Issued, UK Volksbank Brilon-Bueren-Salzkotten eG Endorsed
EU Issued, UK Volksbank Bruchsal-Bretten eG Endorsed
EU Issued, UK Volksbank Bruhrain-Kraich-Hardt eG Endorsed
EU Issued, UK Volksbank Buehl eG Endorsed
EU Issued, UK Volksbank Butzbach eG Endorsed
EU Issued, UK Volksbank Chemnitz eG Endorsed
EU Issued, UK Volksbank Daaden eG Endorsed
EU Issued, UK Volksbank Dammer Berge eG Endorsed
EU Issued, UK Volksbank Darmstadt-Sudhessen eG Endorsed
EU Issued, UK Volksbank Deisslingen eG Endorsed
EU Issued, UK Volksbank Delbrueck-Hoevelhof eG Endorsed
Volksbank Delitzsch eG EU Issued, UK Endorsed
EU Issued, UK Volksbank Demmin eG Endorsed
EU Issued, UK Volksbank Dessau-Anhalt eG Endorsed
EU Issued, UK Volksbank Dettenhausen eG Endorsed
EU Issued, UK Volksbank Dortmund-Nordwest eG Endorsed
EU Issued, UK Volksbank Dreieich eG Endorsed
EU Issued, UK Volksbank Dreilaendereck eG Endorsed
EU Issued, UK Volksbank Dresden-Bautzen eG Endorsed
EU Issued, UK Volksbank Duennwald-Holweide eG Endorsed
EU Issued, UK Volksbank Dueren eG Endorsed
EU Issued, UK Volksbank Duesseldorf Neuss eG Endorsed
EU Issued, UK Volksbank eG Endorsed
EU Issued, UK Volksbank eG Adelebsen Endorsed
EU Issued, UK Volksbank eG Bad Laer-Borgloh-Hilter-Melle Endorsed EU Issued, UK Volksbank eG Braunschweig Wolfsburg Endorsed
EU Issued, UK Volksbank eG Bremerhaven-Cuxland Endorsed
EU Issued, UK Volksbank eG Delmenhorst Schierbrok Endorsed
EU Issued, UK Volksbank eG Fredenbeck Endorsed
EU Issued, UK Volksbank eG Gardelegen Endorsed
EU Issued, UK Volksbank eG Gera.Jena.Rudolstadt Endorsed
EU Issued, UK Volksbank eG Grebenhain Endorsed
EU Issued, UK Volksbank eG Hildesheim Endorsed
EU Issued, UK Volksbank eG Horb-Freudenstadt Endorsed
EU Issued, UK Volksbank eG Koethen Endorsed
EU Issued, UK Volksbank eG Konstanz Endorsed
EU Issued, UK Volksbank eG Loeningen Endorsed
EU Issued, UK Volksbank eG Mosbach Endorsed
Volksbank eG Nienburg EU Issued, UK Endorsed
EU Issued, UK Volksbank eG Osterholz-Scharmbeck Endorsed
EU Issued, UK Volksbank eG Seesen Endorsed
EU Issued, UK Volksbank eG Sottrum Endorsed
EU Issued, UK Volksbank eG Suedheide-Isenhagener Land-Altmark Endorsed
EU Issued, UK Volksbank eG Sulingen Endorsed
EU Issued, UK Volksbank eG Ueberlingen Endorsed
EU Issued, UK Volksbank eG Waltrop Endorsed
EU Issued, UK Volksbank eG Warendorf Endorsed
EU Issued, UK Volksbank eG Westrhauderfehn Endorsed
EU Issued, UK Volksbank eG Wolfenbuettel Endorsed
EU Issued, UK Volksbank eG, Sangerhausen Endorsed
EU Issued, UK Volksbank eG, Villingen-Schwenningen Endorsed
EU Issued, UK Volksbank Eifel eG Endorsed EU Issued, UK Volksbank Eisenberg eG Endorsed
EU Issued, UK Volksbank Elsen-Wewer-Borchen eG Endorsed
EU Issued, UK Volksbank Elsterland eG Endorsed
EU Issued, UK Volksbank Emmerich-Rees eG Endorsed
EU Issued, UK Volksbank Emstal eG Endorsed
EU Issued, UK Volksbank Emstek eG Endorsed
EU Issued, UK Volksbank Enniger-Ostenfelde-Westkirchen eG Endorsed
EU Issued, UK Volksbank Erft eG Endorsed
EU Issued, UK Volksbank Erle eG Endorsed
EU Issued, UK Volksbank Ermstal-Alb eG Endorsed
EU Issued, UK Volksbank Esens eG Endorsed
EU Issued, UK Volksbank Essen-Cappeln eG Endorsed
EU Issued, UK Volksbank Esslingen eG Endorsed
Volksbank Ettlingen eG EU Issued, UK Endorsed
EU Issued, UK Volksbank Euskirchen eG Endorsed
EU Issued, UK Volksbank Eutin Raiffeisenbank eG Endorsed
EU Issued, UK Volksbank Feldatal eG Endorsed
EU Issued, UK Volksbank Filder eG Endorsed
EU Issued, UK Volksbank Flein-Talheim eG Endorsed
EU Issued, UK Volksbank Franken eG Endorsed
EU Issued, UK Volksbank Freiburg eG Endorsed
EU Issued, UK Volksbank Friedrichshafen-Tettnang eG Endorsed
EU Issued, UK Volksbank Gebhardshain eG Endorsed
EU Issued, UK Volksbank Geest eG Endorsed
EU Issued, UK Volksbank Geeste-Nord eG Endorsed
EU Issued, UK Volksbank Gemen eG Endorsed
EU Issued, UK Volksbank Gescher eG Endorsed EU Issued, UK Volksbank Glan-Muenchweiler eG Endorsed
EU Issued, UK Volksbank GMHuette-Hagen-Bissendorf eG (GHB) Endorsed
EU Issued, UK Volksbank Goeppingen eG Endorsed
EU Issued, UK Volksbank Greven eG Endorsed
EU Issued, UK Volksbank Gronau-Ahaus eG Endorsed
EU Issued, UK Volksbank Haaren eG Endorsed
EU Issued, UK Volksbank Halle (Saale) eG Endorsed
EU Issued, UK Volksbank Halle/Westf. eG Endorsed
EU Issued, UK Volksbank Hameln-Stadthagen eG Endorsed
EU Issued, UK Volksbank Hamm/Sieg eG Endorsed
EU Issued, UK Volksbank Haseluenne eG Endorsed
EU Issued, UK Volksbank Heiden eG Endorsed
EU Issued, UK Volksbank Heilbronn eG Endorsed
Volksbank Heimbach eG EU Issued, UK Endorsed
EU Issued, UK Volksbank Heinsberg eG Endorsed
EU Issued, UK Volksbank Hellweg eG Endorsed
EU Issued, UK Volksbank Herrenberg-Nagold-Rottenburg eG Endorsed
EU Issued, UK Volksbank Heuchelheim eG Endorsed
EU Issued, UK Volksbank Hochrhein eG Endorsed
EU Issued, UK Volksbank Hohenlimburg eG Endorsed
EU Issued, UK Volksbank Hohenlohe eG Endorsed
EU Issued, UK Volksbank Hohenzollern-Balingen eG Endorsed
EU Issued, UK Volksbank Hunsrueck-Nahe eG Endorsed
EU Issued, UK Volksbank im Bergischen Land eG Endorsed
EU Issued, UK Volksbank im Harz eG Endorsed
EU Issued, UK Volksbank im Hochsauerland eG Endorsed
EU Issued, UK Volksbank im Wesertal eG Endorsed EU Issued, UK Volksbank Immenstadt eG Endorsed
EU Issued, UK Volksbank in der Hohen Mark eG Endorsed
EU Issued, UK Volksbank in der Ortenau eG Endorsed
EU Issued, UK Volksbank in Schaumburg eG Endorsed
EU Issued, UK Volksbank in Suedwestfalen eG Endorsed
EU Issued, UK Volksbank Jerichower Land eG Endorsed
EU Issued, UK Volksbank Jever eG Endorsed
EU Issued, UK Volksbank Kaiserslautern eG Endorsed
EU Issued, UK Volksbank Kamen-Werne eG Endorsed
EU Issued, UK Volksbank Karlsruhe eG Endorsed
EU Issued, UK Volksbank Kassel Goettingen eG Endorsed
EU Issued, UK Volksbank Kempen-Grefrath eG Endorsed
EU Issued, UK Volksbank Kierspe eG Endorsed
Volksbank Kirchheim-Nuertingen eG EU Issued, UK Endorsed
EU Issued, UK Volksbank Kirnau eG Endorsed
EU Issued, UK Volksbank Klettgau-Wutoeschingen eG Endorsed
EU Issued, UK Volksbank Kleverland eG Endorsed
EU Issued, UK Volksbank Koeln Bonn eG Endorsed
EU Issued, UK Volksbank Kraichgau eG Endorsed
EU Issued, UK Volksbank Krautheim eG Endorsed
EU Issued, UK Volksbank Krefeld eG Endorsed
EU Issued, UK Volksbank Kurpfalz eG Endorsed
EU Issued, UK Volksbank Lahr eG Endorsed
EU Issued, UK Volksbank Laichinger Alb eG Endorsed
EU Issued, UK Volksbank Langendernbach eG Endorsed
EU Issued, UK Volksbank Lastrup eG Endorsed
EU Issued, UK Volksbank Lauterbach-Schlitz eG Endorsed EU Issued, UK Volksbank Lauterecken eG Endorsed
EU Issued, UK Volksbank Leonberg-Strohgaeu eG Endorsed
EU Issued, UK Volksbank Limbach eG Endorsed
EU Issued, UK Volksbank Lindenberg eG Endorsed
EU Issued, UK Volksbank Lingen eG Endorsed
EU Issued, UK Volksbank Loebau-Zittau eG Endorsed
EU Issued, UK Volksbank Lohne-Muehlen eG Endorsed
EU Issued, UK Volksbank Ludwigsburg eG Endorsed
EU Issued, UK Volksbank Luebbecker Land eG Endorsed
EU Issued, UK Volksbank Luebeck eG Endorsed
EU Issued, UK Volksbank Lueneburger Heide eG Endorsed
EU Issued, UK Volksbank Magdeburg eG Endorsed
EU Issued, UK Volksbank Main-Tauber eG Endorsed
Volksbank Mainspitze eG EU Issued, UK Endorsed
EU Issued, UK Volksbank Marl-Recklinghausen eG Endorsed
EU Issued, UK Volksbank Meerbusch eG Endorsed
EU Issued, UK Volksbank Messkirch eG Raiffeisenbank Endorsed
EU Issued, UK Volksbank Mindener Land eG Endorsed
EU Issued, UK Volksbank Mittelhessen eG Endorsed
EU Issued, UK Volksbank Mittlerer Schwarzwald eG Endorsed
EU Issued, UK Volksbank Mittleres Erzgebirge eG Endorsed
EU Issued, UK Volksbank Mittweida eG Endorsed
EU Issued, UK Volksbank Moeckmuehl eG Endorsed
EU Issued, UK Volksbank Moenchengladbach eG Endorsed
EU Issued, UK Volksbank Muensingen eG Endorsed
EU Issued, UK Volksbank Neckartal eG Endorsed
EU Issued, UK Volksbank Neuenkirchen-Voerden eG Endorsed EU Issued, UK Volksbank Niedergrafschaft eG Endorsed
EU Issued, UK Volksbank Niederrhein eG Endorsed
EU Issued, UK Volksbank Nordharz eG Endorsed
EU Issued, UK Volksbank Nordhuemmling eG Endorsed
EU Issued, UK Volksbank Nordschwarzwald eG Endorsed
EU Issued, UK Volksbank Nottuln eG Endorsed
EU Issued, UK Volksbank Ober-Moerlen eG Endorsed
EU Issued, UK Volksbank Oberberg eG Endorsed
EU Issued, UK Volksbank Ochtrup-Laer eG Endorsed
EU Issued, UK Volksbank Oldenburg eG Endorsed
EU Issued, UK Volksbank Olpe-Wenden-Drolshagen eG Endorsed
EU Issued, UK Volksbank Osnabrueck eG Endorsed
EU Issued, UK Volksbank Ostlippe eG Endorsed
Volksbank Oyten eG EU Issued, UK Endorsed
EU Issued, UK Volksbank Pforzheim eG Endorsed
EU Issued, UK Volksbank Pfullendorf eG Endorsed
EU Issued, UK Volksbank Pirna eG Endorsed
EU Issued, UK Volksbank Plochingen eG Endorsed
EU Issued, UK Volksbank Raesfeld eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Bad Kissingen eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Bayern Mitte eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Dachau eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank eG Itzehoe Endorsed
EU Issued, UK Volksbank Raiffeisenbank Fuerstenfeldbruck eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Laupheim-Illertal eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Meissen Grossenhain eG Endorsed EU Issued, UK Volksbank Raiffeisenbank Niederschlesien eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Nordoberpfalz eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Nuernberg eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Oberbayern Suedost eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Regensburg-Schwandorf eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Rhoen-Grabfeld eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Rosenheim-Chiemsee eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Starnberg-Herrsching-Landsberg eG Endorsed
EU Issued, UK Volksbank Raiffeisenbank Wuerzburg eG Endorsed
EU Issued, UK Volksbank Rathenow eG Endorsed
EU Issued, UK Volksbank Remseck eG Endorsed
EU Issued, UK Volksbank Reutlingen eG Endorsed
EU Issued, UK Volksbank Rhede eG Endorsed
Volksbank Rhein-Erft-Koeln eG EU Issued, UK Endorsed
EU Issued, UK Volksbank Rhein-Lahn-Limburg eG Endorsed
EU Issued, UK Volksbank Rhein-Lippe eG Endorsed
EU Issued, UK Volksbank Rhein-Nahe-Hunsrueck eG Endorsed
EU Issued, UK Volksbank Rhein-Ruhr eG Endorsed
EU Issued, UK Volksbank Rhein-Wehra eG Endorsed
EU Issued, UK Volksbank RheinAhrEifel eG Endorsed
EU Issued, UK Volksbank Rheinboellen eG Endorsed
EU Issued, UK Volksbank Riesa eG Endorsed
EU Issued, UK Volksbank Rietberg eG Endorsed
EU Issued, UK Volksbank Rot eG Endorsed
EU Issued, UK Volksbank Rottweil eG Endorsed
EU Issued, UK Volksbank Ruhr Mitte eG Endorsed
EU Issued, UK Volksbank Saerbeck eG Endorsed EU Issued, UK Volksbank Sandhofen eG Endorsed
EU Issued, UK Volksbank Sauerland eG Endorsed
EU Issued, UK Volksbank Schermbeck eG Endorsed
EU Issued, UK Volksbank Schlangen eG Endorsed
EU Issued, UK Volksbank Schnathorst eG Endorsed
EU Issued, UK Volksbank Schupbach eG Endorsed
EU Issued, UK Volksbank Schwanewede eG Endorsed
EU Issued, UK Volksbank Schwarzwald-Donau-Neckar eG Endorsed
EU Issued, UK Volksbank Seligenstadt eG Endorsed
EU Issued, UK Volksbank Selm-Bork eG Endorsed
EU Issued, UK Volksbank Senden eG Endorsed
EU Issued, UK Volksbank Solling eG Endorsed
EU Issued, UK Volksbank Spree-Neisse eG Endorsed
Volksbank Sprockhoevel eG EU Issued, UK Endorsed
EU Issued, UK Volksbank Stade-Cuxhaven eG Endorsed
EU Issued, UK Volksbank Staufen eG Endorsed
EU Issued, UK Volksbank Stendal eG Endorsed
EU Issued, UK Volksbank Stoermede-Hoerste eG Endorsed
EU Issued, UK Volksbank Stutensee-Weingarten eG Endorsed
EU Issued, UK Volksbank Stuttgart eG Endorsed
EU Issued, UK Volksbank Sudmunsterland-Mitte eG Endorsed
EU Issued, UK Volksbank Sued-Emsland eG Endorsed
EU Issued, UK Volksbank Suedkirchen-Capelle-Nordkirchen eG Endorsed
EU Issued, UK Volksbank Sulmtal eG Endorsed
EU Issued, UK Volksbank Trier eG Endorsed
EU Issued, UK Volksbank Trossingen eG Endorsed
EU Issued, UK Volksbank Ueberherrn eG Endorsed EU Issued, UK Volksbank Ueberwald-Gorxheimertal eG Endorsed
EU Issued, UK Volksbank Uelzen-Salzwedel eG Endorsed
EU Issued, UK Volksbank Ulm-Biberach eG Endorsed
EU Issued, UK Volksbank Ulrichstein eG Endorsed
EU Issued, UK Volksbank Vechta eG Endorsed
EU Issued, UK Volksbank Versmold eG Endorsed
EU Issued, UK Volksbank Viersen eG Endorsed
EU Issued, UK Volksbank Visbek eG Endorsed
EU Issued, UK Volksbank Vogtland eG Endorsed
EU Issued, UK Volksbank Vorbach-Tauber eG Endorsed
EU Issued, UK Volksbank Vorpommern eG Endorsed
EU Issued, UK Volksbank Weinheim eG Endorsed
EU Issued, UK Volksbank Welzheim eG Endorsed
Volksbank Weschnitztal eG EU Issued, UK Endorsed
EU Issued, UK Volksbank Westenholz eG Endorsed
EU Issued, UK Volksbank Westerstede eG Endorsed
EU Issued, UK Volksbank Wewelsburg-Ahden eG Endorsed
EU Issued, UK Volksbank Wickede (Ruhr) eG Endorsed
EU Issued, UK Volksbank Wildeshauser Geest eG Endorsed
EU Issued, UK Volksbank Wilhelmshaven eG Endorsed
EU Issued, UK Volksbank Winsener Marsch eG Endorsed
EU Issued, UK Volksbank Wissmar eG Endorsed
EU Issued, UK Volksbank Wittenberg eG Endorsed
EU Issued, UK Volksbank Wittgenstein eG Endorsed
EU Issued, UK Volksbank Worpswede eG Endorsed
EU Issued, UK Volksbank Wulfsen eG Endorsed
EU Issued, UK Volksbank Zuffenhausen eG Endorsed EU Issued, UK Volksbank Zwickau eG Endorsed
EU Issued, UK Volksbank-Raiffeisenbank Amberg eG Endorsed
EU Issued, UK Volksbank-Raiffeisenbank Deggingen eG Endorsed
EU Issued, UK Volksbank-Raiffeisenbank Dingolfing eG Endorsed
EU Issued, UK Volksbank-Raiffeisenbank Glauchau eG Endorsed
EU Issued, UK Volksbank-Raiffeisenbank Riedlingen eG Endorsed
EU Issued, UK VR Bank Alzey-Land-Schwabenheim eG Endorsed
EU Issued, UK VR Bank Augsburg-Ostallgaeu eG Endorsed
EU Issued, UK VR Bank Bad Orb-Gelnhausen eG Endorsed
EU Issued, UK VR Bank Bamberg-Forchheim eG Volks- Raiffeisenbank Endorsed
EU Issued, UK VR Bank Bayreuth-Hof eG Endorsed
EU Issued, UK VR Bank Dinklage-Steinfeld eG Endorsed
EU Issued, UK VR Bank eG Alsheim Endorsed
VR Bank eG Bergisch Gladbach-Leverkusen EU Issued, UK Endorsed
EU Issued, UK VR Bank eG Dormagen Endorsed
EU Issued, UK VR Bank eG Heuberg-Winterlingen Endorsed
EU Issued, UK VR Bank Enz plus eG Endorsed
EU Issued, UK VR Bank Fulda eG Endorsed
EU Issued, UK VR Bank HessenLand eG Endorsed
EU Issued, UK VR Bank Hohenneuffen-Teck eG Endorsed
EU Issued, UK VR Bank in Holstein eG Endorsed
EU Issued, UK VR Bank Kitzingen eG Endorsed
EU Issued, UK VR Bank Lahn-Dill eG Endorsed
EU Issued, UK VR Bank Lausitz eG Endorsed
EU Issued, UK VR Bank Main-Kinzig-Buedingen eG Endorsed
EU Issued, UK VR Bank Mittelhaardt eG Endorsed
EU Issued, UK VR Bank Mittlere Oberpfalz eG Endorsed EU Issued, UK VR Bank Muenchen Land eG Endorsed
EU Issued, UK VR Bank Neuburg-Rain eG Endorsed
EU Issued, UK VR Bank Neumuenster eG Endorsed
EU Issued, UK VR Bank Niederbayern-Oberpfalz eG Endorsed
EU Issued, UK VR Bank Nord eG Endorsed
EU Issued, UK VR Bank Oberfranken Mitte eG Endorsed
EU Issued, UK VR Bank Oldenburg Land West eG Endorsed
EU Issued, UK VR Bank Ostholstein Nord - Ploen eG Endorsed
EU Issued, UK VR Bank Ravensburg-Weingarten eG Endorsed
EU Issued, UK VR Bank Rhein-Mosel eG Endorsed
EU Issued, UK VR Bank Rhein-Neckar eG Endorsed
EU Issued, UK VR Bank Schwaebisch Hall-Crailsheim eG Endorsed
EU Issued, UK VR Bank Suedliche Weinstrasse-Wasgau eG Endorsed
VR Bank Suedpfalz eG EU Issued, UK Endorsed
EU Issued, UK VR Bank SuedThueringen eG Endorsed
EU Issued, UK VR Bank Tuebingen eG Endorsed
EU Issued, UK VR Bank Untertaunus eG Endorsed
EU Issued, UK VR Bank Weimar eG Endorsed
EU Issued, UK VR Bank Westkueste eG Endorsed
EU Issued, UK VR Bank Westthueringen eG Endorsed
EU Issued, UK VR GenoBank DonauWald eG Endorsed
EU Issued, UK VR meine Bank eG Endorsed
EU Issued, UK VR meine Raiffeisenbank eG Endorsed
EU Issued, UK VR PartnerBank eG Chattengau-Schwalm-Eder Endorsed
EU Issued, UK VR PLUS Altmark-Wendland eG Endorsed
EU Issued, UK VR Smart Finanz Bank GmbH Endorsed
EU Issued, UK VR-Bank Altenburger Land eG Endorsed EU Issued, UK VR-Bank Asperg-Markgroeningen eG Endorsed
EU Issued, UK VR-Bank Bad Salzungen Schmalkalden eG Endorsed
EU Issued, UK VR-Bank Bonn eG Endorsed
EU Issued, UK VR-Bank Coburg eG Endorsed
EU Issued, UK VR-Bank Donau-Mindel eG Endorsed
EU Issued, UK VR-Bank Dornstetten-Horb eG Endorsed
EU Issued, UK VR-Bank eG Alzenau Endorsed
EU Issued, UK VR-Bank eG Magstadt-Weissach Endorsed
EU Issued, UK VR-Bank eG Osnabruecker Nordland Endorsed
EU Issued, UK VR-Bank eG Schopfheim Endorsed
EU Issued, UK VR-Bank eG Schwerin Endorsed
EU Issued, UK VR-Bank eG Wuerselen Endorsed
EU Issued, UK VR-Bank Ehningen-Nufringen eG Endorsed
VR-Bank Eisenach-Ronshausen eG EU Issued, UK Endorsed
EU Issued, UK VR-Bank Ellwangen eG Endorsed
EU Issued, UK VR-Bank Erding eG Endorsed
EU Issued, UK VR-Bank Erlangen-Hoechstadt-Herzogenaurach eG Endorsed
EU Issued, UK VR-Bank Feuchtwangen-Dinkelsbuehl eG Endorsed
EU Issued, UK VR-Bank Fichtelgebirge-Frankenwald eG Endorsed
EU Issued, UK VR-Bank Flaeming eG Endorsed
EU Issued, UK VR-Bank Freudenberg-Niederfischbach eG Endorsed
EU Issued, UK VR-Bank Gerolzhofen eG Endorsed
EU Issued, UK VR-Bank Handels- und Gewerbebank eG Endorsed
EU Issued, UK VR-Bank Hunsrueck-Mosel eG Endorsed
EU Issued, UK VR-Bank in Mittelbaden eG Endorsed
EU Issued, UK VR-Bank in Suedniedersachsen eG Endorsed
EU Issued, UK VR-Bank in Suedoldenburg eG Endorsed EU Issued, UK VR-Bank Isar-Vils eG Endorsed
EU Issued, UK VR-Bank Ismaning Hallbergmoos Neufahrn eG Endorsed
EU Issued, UK VR-Bank Kreis Steinfurt eG Endorsed
EU Issued, UK VR-Bank Landau-Mengkofen eG Endorsed
EU Issued, UK VR-Bank Landsberg-Ammersee eG Endorsed
EU Issued, UK VR-Bank Landshut eG Endorsed
EU Issued, UK VR-Bank Langenau-Ulmer Alb eG Endorsed
EU Issued, UK VR-Bank Lichtenfels-Ebern eG Endorsed
EU Issued, UK VR-Bank Memmingen eG Endorsed
EU Issued, UK VR-Bank Mitte eG Endorsed
EU Issued, UK VR-Bank Mittelfranken West eG Endorsed
EU Issued, UK VR-Bank Mittelsachsen eG Endorsed
EU Issued, UK VR-Bank Neckar-Enz eG Endorsed
VR-Bank Neu-Ulm eG EU Issued, UK Endorsed
EU Issued, UK VR-Bank Nordeifel eG Endorsed
EU Issued, UK VR-Bank NordRhoen eG Endorsed
EU Issued, UK VR-Bank Ostalb eG Endorsed
EU Issued, UK VR-Bank Ostbayern-Mitte eG Endorsed
EU Issued, UK VR-Bank Passau eG Endorsed
EU Issued, UK VR-Bank Rhein-Sieg eG Endorsed
EU Issued, UK VR-Bank Rottal-Inn eG Endorsed
EU Issued, UK VR-Bank Schweinfurt eG Endorsed
EU Issued, UK VR-Bank Spangenberg-Morschen eG Endorsed
EU Issued, UK VR-Bank Suedwestpfalz eG Pirmasens - Zweibruecken Endorsed
EU Issued, UK VR-Bank Taufkirchen-Dorfen eG Endorsed
EU Issued, UK VR-Bank Uckermark-Randow eG Endorsed
EU Issued, UK VR-Bank Werdenfels eG Endorsed EU Issued, UK VR-Bank Westmuensterland eG Endorsed
EU Issued, UK VR-Bankverein Bad Hersfeld-Rotenburg eG Endorsed
EU Issued, UK Waldecker Bank eG Endorsed
EU Issued, UK Westerwald Bank eG Volks- und Raiffeisenbank Endorsed
EU Issued, UK Wiesbadener Volksbank eG Endorsed
EU Issued, UK Winterbacher Bank eG Endorsed
EU Issued, UK Zevener Volksbank eG Endorsed
Disclaimer
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, THE FOLLOWING HTTPS://WWW.FITCHRATINGS.COM/RATING-DEFINITIONS-DOCUMENT DETAILS FITCH'S RATING DEFINITIONS FOR EACH RATING SCALE AND RATING CATEGORIES, INCLUDING DEFINITIONS RELATING TO DEFAULT. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT HTTPS://WWW.FITCHRATINGS.COM/ SITE/REGULATORY. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR WHICH THE LEAD ANALYST IS BASED IN AN ESMA- OR FCA-REGISTERED FITCH RATINGS COMPANY (OR BRANCH OF SUCH A COMPANY) CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH RATINGS WEBSITE. Copyright
Copyright © 2021 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch's factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch's ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the "NRSRO"). While certain of the NRSRO's credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see https://www.fitchratings.com/site/regulatory), other credit rating subsidiaries are not listed on Form NRSRO (the "non-NRSROs") and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.
Endorsement policy
Fitch’s international credit ratings produced outside the EU or the UK, as the case may be, are endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes, pursuant to the terms of the EU CRA Regulation or the UK Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019, as the case may be. Fitch’s approach to endorsement in the EU and the UK can be found on Fitch’s Regulatory Affairs page on Fitch’s website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.