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Downsizing Program at Hypo Tirol

Published: May 19, 2012; 13:32 · (Vindobona)

After the major losses in 2011, the Austrian regional bank is obliged to withdraw from Germany, Switzerland and Italy.

Downsizing Program at Hypo Tirol / Picture: © Hypo Tirol

Last year, Hypo Tirol´s write-offs totaled € 125m. The business in Italy was highly loss making, as the bank´s lending control mechanism failed completely. “The readiness to assume risks and the insufficient control mechanisms are the main reasons for the development between 2003 and 2008.” the supervisory board director Wilfried Stauder explained.

“The additional…

This article includes a total of 250 words.

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