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Austria to Sell Nationalized Bank Kommunalkredit
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Published: November 29, 2011; 23:28 ♦ (Vindobona)
The nationalized lender has to be sold by mid-2013. Finance Minister Fekter hopes for proceeds of € 500m.
Austria to Sell Nationalized Bank Kommunalkredit / Picture: © Kommunalkredit
Austrian Chancellor Werner Faymann and Finance Minister Maria Fekter have agreed to sell Kommunalkredit Austria AG, the bank that was nationalized in 2008. The sale by mid-2013 was a condition imposed by the EU when it allowed a state subsidy of € 250m for the bank.
The privatization will not be an easy task for Fimbag (the holding company for the public participation capital…
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