WIR BANK Meaning and
Definition
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Wir Bank, also known as WIr Bank Genossenschaft, is a Swiss cooperative bank that operates in the country. Established in 1934, the bank caters to small and medium-sized enterprises (SMEs) as well as private individuals, offering a range of banking services.
As a cooperative bank, Wir Bank operates on a mutualistic principle, where the clients are also the owners. It is based on the idea of a complementary currency known as the "Wir." The Wir is a currency created by the bank to facilitate trade and exchange among its members. This alternative currency allows businesses to transact with each other without relying solely on the national currency, Swiss franc.
The primary goal of Wir Bank is to promote regional economic development and help its members grow their businesses through the use of the Wir currency. The bank provides various financial products and services, including loans, deposits, investments, and payment solutions. It also offers digital banking solutions to enhance accessibility and convenience.
Furthermore, Wir Bank operates as a full-service bank, providing traditional banking services such as savings and checking accounts, mortgages, insurance products, and advisory services. Additionally, it emphasizes sustainable and ethical banking practices, taking into account social and environmental aspects in its operations.
Overall, Wir Bank plays a significant role in supporting the local economy and fostering financial inclusion by providing its members with access to unique financial tools and services through its cooperative and alternative currency system.
Etymology of WIR BANK
The term "wir bank" has its origins in German. "Wir" means "we" in German, indicating a collective or cooperative nature, while "bank" is derived from the Italian word "banca", meaning "bench" or "counter". In the context of "wir bank", it refers to a cooperative banking system called the "WIR Bank Genossenschaft" or simply "WIR Bank", which was established in Switzerland in 1934. The name signifies the cooperative principle and communal aspect of this banking system.
