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Hypo Group: CEO Kranebitter Steps Back

People ♦ Published: July 2, 2013; 09:54 ♦ (Vindobona)

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Kranebitter announced to stay until the half-year accounts are published. On Monday it became known that the ailing bank will in all likelihood require more state aid than planned.

Hypo Group: CEO Kranebitter Steps Back / Picture: © KPMG - Pressefoto Gottwald Kranebitter

Today, head of nationalized Hypo Alpe Adria Gottwald Kranebitter announced to step back. On Tuesday morning he informed his employees and the owners about his decision. According to the bank he intends to exercise his function until the end of August. His contract would have been effective until 2016.

Yesterday it became known that the bank will need more state aid than estimated…