Bank Austria: Major Losses in Kazakhstan

Businessn.a. ♦ Published: December 11, 2012; 13:41 ♦ (Vindobona)

In 2007, Bank Austria took over the Kazakh ATF Bank. In total, the banking group is threatened to record losses of up to € 1.8bn. Now, Bank Austria is said to leave Kazakhstan.

Bank Austria: Major Losses in Kazakhstan / Picture: © Uni Credit Group Bank Austria

Six years ago, former Bank Austria CEO Erich Hampel initiated the acquisition of ATF Bank. The closing of the deal took place in 2007. The sales price came at $ 2.1bn (€ 1.6bn), the Austrian news magazine “Presse” reports. Hampel expected that that the expansion into Kazakhstan will bring substantial growth rates for Bank Austria. However, the takeover proved highly unsuccessful.…