Hypo Group: Dramatic Losses Expected for 2010

Professional ServicesBanks ♦ Published: October 27, 2010; 16:04 ♦ (Vindobona)

The bank has to downsize, and will therefore have to part with many assets, according to the chairman of the board. For 2012, prrofits are expected again.

Hypo Group: Dramatic Losses Expected for 2010 / Picture: © Hypo Alpe-Adria-Bank International AG

The "cleanup" at the 2009 Hypo Group Alpe Adria (HGAA), emergency-nationalized in 2009, is not over yet. According to the CEO Gottwald Kranebitter, 60 proceedings have been instituted this year before the state prosecution. Six actions for damages have already been filed or prepared. Kranebitter sees the decriminalization of the bank and the reappraisal of the past as his mission,…