Austria: Kranebitter to Leave Hypo Group

People ♦ Published: August 19, 2013; 14:53 ♦ (Vindobona)

After three and a half years, Gottwald Kranebitter steps back as CEO of nationalized Hypo Alpe Adria. Tax payers are left with a burden running in the billions in the years to come.

Austria: Kranebitter to Leave Hypo Group / Picture: © KPMG - Pressefoto Gottwald Kranebitter

Only a year ago, the CEO declared not to require any further capital. His plans to deposit € 12bn of non-performing loans into a bad bank were thwarted by Finance Minister Maria Fekter, who did not want to accept any further state debts. The EU Commission played a further decisive role in this matter. € 500m in cash and € 1bn in state guarantees had to be injected into the bank in…

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Croatia, Hypo Group Alpe Adria, Banking Industry, Taxation, Monetary Policy, Western Balkans, CESEE, Gottwald Kranebitter, Andreas Treichl, Erste Group, Karl Sevelda, RBI Raiffeisen Bank International, Serbia, Italy, Srei Group, UK United Kingdom, India, Leaders, Maria Fekter, Werner Faymann
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