The Sparkassen- und Giroverband Hessen-Thüringen (SGVHT) is a corporate body under public law formed pursuant to a State Treaty dated March 10th, 1992 on the formation of a common Savings Banks’ organisation between the German States of Hesse and the Free State of Thuringia.
The SGVHT based in Frankfurt and Erfurt is the association of the 50 Savings Banks in Hesse and Thuringia and their municipal or communal holders (Träger). The SGVHT supports the Savings Banks with their business activities and promotes their common interests.
The SGVHT also focuses on the education of the Savings Banks’ employees.
Its independent audit section carries out the annual audits of the Savings Banks.
The SGVHT is owner (Träger) of companies including Landesbank Hessen-Thüringen Girozentrale (Helaba) with Landesbausparkasse Hessen-Thüringen as one of its subsidiaries.
It also holds stakes in SV SparkassenVersicherung Holding AG and the Savings Banks nationwide organisations such as DekaBank (fund manager) and the Finanz Informatik KG (data processing centre).
The management of subsidiaries is an essential function of the SGVHT. This also includes the coordination of cooperation between Savings Banks and associated companies.
The Savings Banks Finance Group Hesse-Thuringia (SFHT) is the first group of legally and economically independent companies worldwide which was granted a rating from two rating agencies.
The establishment of a common risk management and an additional reserve fund formed the basis for the common rating of the participating institutions.
The rating assesses the 50 Savings Banks and Helaba as an economic unit. The SGVHT is an integral part of the Savings Banks Finance Group Hesse-Thuringia. The S&P rating is based on the SFHT's core group members and the aggregate creditworthiness and expected solidarity support among member banks under emerging stress.
A Credit Rating of A+ was assigned to the Savings Banks Finance Group Hesse-Thuringia by Fitch. Standard & Poor’s assigned a stable outlook on September 16th 2010 and affirmed the A credit rating.
With the stable development of the Savings Banks Finance Group Hesse-Thuringia’s Rating both agencies confirm the viability as well as the implementation of the conceptual framework of the association's system of cooperation and support.
As strengths of the Savings Banks Finance Group Hesse-Thuringia, Standard & Poor’s, in its rating rationale, highlights i.e. the strong capitalisation of the Savings Banks, its relatively stable sources of earnings, its strong retail funding capacity as well as relatively strong performance compared to the remaining German banking sector.
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|
Fitch |
S&P |
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Long-term
debt |
A+ |
A |
|
Short-term
debt |
F1 |
A-1 |
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Outlook |
Stable |
Stable |
|
Financial
Strength/ Individual |
B/C |
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