Austria: New Bidder for Hypo Group

Politics ♦ Published: May 16, 2013; 18:41 ♦ (Vindobona)

Apart from Indian Srei Group, a new interested party has entered the match for the ailing banking institute.

Austria: New Bidder for Hypo Group / Picture: © Hypo Alpe-Adria-Bank International AG

According to the Austrian National Bank (OeNB) a complete liquidation of Hypo Group would cost the federation up to € 16bn. In order to avoid the scenario and to assuage the EU Commission, CEO of Hypo Gottwald Kranebitter intends to proceed urgently to finalize the sale, which the federation has been struggling with for months. The purchase price was announced at around € 60m.…