psd

The PSD Bankengruppe is a German cooperative banking group consisting of 14 autonomous and independent financial institutions. The business model of the PSD banks is a combination of regional direct and affiliated bank. It provides retail banking services via internet, telephone, e-mail, mail and fax or at local branches, it only provides services to retail clients and does not offer banking to self-employed and businesses.
The name PSD originated from the former name Post-Spar- und Darlehnsverein (post-, saving- and loan association). The Post-Spar- und Darlehnsverein banks originally provided financial services by postal clerks only and were assigned to the areas by the post office. They are particularly connected to their area and predominantly operate at a local level.
All PSD banks have a legal structure of a listed cooperative and are therefore cooperative banks. PSD banks are purely private customer banks. Today, with one exception, all 14 PSD banks are in the universal bank business. The PSD banks are part of the Verband der PSD Banken e. V. (union of PSD banks) which is located in Bonn. Besides other services the union acts as auditing association for the banks. All PSD banks are affiliated to the protection scheme of the Bundesverband der Deutschen Volksbanken und Raiffeisenbanken (National Association of German Cooperative Banks) (BVR).