Austria Nationalises Hypo Group Alpe Adria for EUR 1
Тhe Austrian government has nationalized real estate financier Hypo Group Alpe Adria (HGAA), the country's sixth largest bank, to save it from bankruptcy, Finance Minister Josef Proell said Monday.
German bank BayernLB said it will sell its 67.08% stake in Hypo Group to Austria for the symbolic sum of EUR 1.
The German bank also said it was helping to secure the liquidity of Hypo Group and that it would waive EUR 825 Meuros in claims from Hypo Alpe Adria.
Hypo Group has an extensive presence in southeastern Europe. It has branches in Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Germany, Hungary, Italy, Macedonia, Montenegro, Serbia, Slovenia and Ukraine, according to its Web site.
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