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The Development Bank of Saxony (known as SAB from the German name ''Sächsische Aufbaubank'') was founded in 1991 and is the state development institution for the state of
Saxony
Saxony, officially the Free State of Saxony, is a landlocked state of Germany, bordering the states of Brandenburg, Saxony-Anhalt, Thuringia, and Bavaria, as well as the countries of Poland and the Czech Republic. Its capital is Dresden, and ...
, Germany
Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...
.
Activities
The Development Bank of Saxony allocates subsidies e.g. from theEuropean Regional Development Fund
The European Regional Development Fund (ERDF) is one of the European Structural and Investment Funds allocated by the European Union. Its purpose is to transfer money from richer regions (not countries), and invest it in the infrastructure and se ...
in the form of grants, sureties and loans into various sectors of the economy e.g. technology, as well as into residential and municipal construction.
In the business year 2016, the bank made over 50,000 payments and grants totalling almost 1.4 billion euro and loans of over 450 million euro.
Location
The headquarters of the Development Bank of Saxony is inLeipzig
Leipzig (, ; ; Upper Saxon: ; ) is the most populous city in the States of Germany, German state of Saxony. The city has a population of 628,718 inhabitants as of 2023. It is the List of cities in Germany by population, eighth-largest city in Ge ...
since January 2017, although the headquarters building was completed only in 2021. A branch office is retained at the former headquarter building in Dresden
Dresden (; ; Upper Saxon German, Upper Saxon: ''Dräsdn''; , ) is the capital city of the States of Germany, German state of Saxony and its second most populous city after Leipzig. It is the List of cities in Germany by population, 12th most p ...
.
The bank also has customer centers in Leipzig, Dresden and Chemnitz
Chemnitz (; from 1953 to 1990: Karl-Marx-Stadt (); ; ) is the third-largest city in the Germany, German States of Germany, state of Saxony after Leipzig and Dresden, and the fourth-largest city in the area of former East Germany after (East Be ...
and a regional office in Görlitz
Görlitz (; ; ; ; ; Lusatian dialects, East Lusatian: , , ) is a town in the Germany, German state of Saxony. It is on the river Lusatian Neisse and is the largest town in Upper Lusatia, the second-largest town in the region of Lusatia after ...
.
History
From 1991 until 1995 the L-Bank, the state development bank of Baden-Württemberg, operated the bank. Then on December 19, 1995 the SAB GmbH was created as a subsidiary of the L-Bank. This took up the operation on June 1, 1996. Since December 30, 2002 the SAB is a 100% subsidy of the state of Saxony. In 2003 its legal form was changed into an Institution under Public Law (de: ''Anstalt des öffentlichen Rechts'').See also
*German public banking sector
The German public banking sector () represents a significant share of the broader banking sector in Germany. Unlike in most other Western and Central European countries, German public-sector banks have been present since the early phases of formal ...
References
Economy of Saxony Banks established in 1991 Sub-national development banks Government-owned banks of Germany {{Germany-bank-stub