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Bank Austria Invests in the Turnaround of its Kazakh Subsidiary

Published: May 16, 2011; 14:33 · (Vindobona)

Bank Austria increases ATF’s capital in order to make it profitable. Loss in the year 2010 amounted to € 163m.

Bank Austria Invests in the Turnaround of its Kazakh Subsidiary / Picture: © Flickr

Bank Austria gives a capital increase of € 198m to its loss-making Kazakh subsidiary ATF. According to Gianni Franco Papa, head of the bank’s CEE division, this amount combined with hard work will “hopefully” be sufficient to turn ATF profitable within the year 2011.

The increase, effective by the end of May, became necessary due to local supervisory requirements and will…

This article includes a total of 221 words.

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