Hypo: Contract Could Be Signed Today

Politics ♦ Published: May 31, 2013; 12:30 ♦ (Vindobona)

Today the Austrian affiliate of Hypo Group could be transferred to the property of Indian Srei Group. The company is a fast-growing listed enterprise with around 30,000 clients.

Hypo: Contract Could Be Signed Today / Picture: © Wikipedia / JJ55 (30 March 2008)

In case CEO Hemant Kanoria signs the contracts today, Hypo will officially be part of Srei Group. The company, based in Calcutta, offered € 65.5m for the Austrian affiliate, half of its book value. Apparently no one is willing to pay more. The selling of the bank will therefore bring losses in the amount of € 65.5m. Still, it is important for Hypo that this step will be successful…