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BayernLB Rejects Settlement with Hypo Group
The German banking group and its former Austrian subsidiary do not reach a compromise. BayernLB wants Hypo Group to repay a loan of € 2.3bn.
BayernLB Rejects Settlement with Hypo Group / Picture: © BayernLB
At the end of 2009, when Hypo Group was sold to the Austrian state, BayernLB granted a major loan to Hypo Group. The remaining loan with a size of € 2.3bn is due in 2013. In total, the sum in dispute comes at € 4.0bn.
In December, the management board and the shareholders of the Austrian nationalized bank resolved to stop payments to the former owner BayernLB. According to…
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