The first cooperative banks were founded in the 19th century, following the vision of Friedrich Wilhelm Raiffeisen and Hermann Schulze-Delitzsch, the founders of the first rural cooperative banks in Germany. The first Raiffeisen credit cooperatives were founded in Luxembourg in 1925. In early 1926, the existing banks set up the ‘Centrale des Caisses Raiffeisen luxembourgeoises’, known as Raiffeisen Bank since 2001.
The Raiffeisen model developed very quickly and by 1970, the network counted 138 outlets across the country. Offering its clients high quality service, many Raiffeisen branches merged to form the Raiffeisen Group, which is now made up of 13 branches, each with several agencies, plus 12 agencies that report directly to Raiffeisen Bank.