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Hypo Alpe-Adria Bank nationalized

Regional info/economyPosted by Chambers of Commerce Sweden - Southeast Europe Mon, December 14, 2009 22:23:57

According to news in Radio Sweden today, Austria will nationalize Hypo Alpe-Adria Bank and inject as much as 450 million euros into the company. BayernLB, Germany’s second-biggest state-owned lender, agreed to sell its 67 percent stake for 1 euro and to inject 825 million euros into the business, following negotiations that lasted the whole night.
Hypo Alpe-Adria has been doing a lot of business in the Balkans. According to the report in Radio Sweden investigations about alleged fraud have started. A Bloomberg report can be found here.

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