Volksentwicklungsbank
Volksentwicklungsbank (Cerdan) | |
 | |
| Abbreviation | VEL |
|---|---|
| Formation | December 31, 1924 |
| Type | State owned bank |
| Headquarters | Morzahnstadt, East Cerdani |
| Services | Commercial banking, insurance and finance |
| Owner | Government of East Cerdani (60%) Bank of Cerdani (40%) |
The People's Development Bank (Cerdan: Volksentwicklungsbank) is a state owned bank that operates within East Cerdani. It is primarily responsible for the administration of the internal account settlement and banking system along with holding most individually owned bank accounts within East Cerdani. The Bank is also responsible for the account processing of most state institutions and all state, collective and co-operative enterprises. It was founded in 1924 following the nationalisation and merger of Kredit aus Deutschland and Handels und Sozialbank Deutschlands and was initially focused with financing large scale development and infrastructure projects.
History
The People's Development Bank came in formation during the banking nationalisations of 1924. The VEL was created after the nationalisation of Kredit aus Deutschland and Handels und Sozialbank Deutschlands which were subsequently merged to form the Volksentwicklungsbank.