Development Bank of Saxony
| Founded | 1991 |
|---|---|
| Headquarters | Dresden |
Key people | Georg Unland (Chairman of supervisory board) and Stefan Weber (Chairman of management board) |
| Total assets | €8.2 Billion |
Number of employees | 1,015 |
| Website | www.sab.sachsen.de |
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The Development Bank of Saxony (known as SAB from the German name Sächsische Aufbaubank) was founded in 1991[1] and is the state development institution for the state of Saxony, Germany.
Activities
The Development Bank of Saxony allocates subsidies e.g. from the European Regional Development Fund in the form of grants, sureties and loans into various sectors of the economy e.g. technology, as well as in residential and municipal construction.
Location
The headquarters of the Development Bank of Saxony is currently located in Dresden, although it will be moving to Leipzig in 2017. The bank currently also has customer centers in Leipzig and Chemnitz and regional offices in Plauen, Annaberg-Buchholz, Torgau and Görlitz.
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.[2]
In 2003 its legal form was changed into an Institution under Public Law (de: Anstalt des öffentlichen Rechts).