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Bank Austria: Major Losses in Kazakhstan
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: © Vindobona.org
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.…
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