Hypo Group: Massive Losses in Italy

Politics ♦ Published: July 25, 2013; 09:19 ♦ (Vindobona)

The Italian affiliate of Austrian problem bank Hypo Alpe Adria has notched up considerable losses.

Hypo Group: Massive Losses in Italy / Picture: © Hypo Alpe-Adria-Bank International AG

Losses at the Italian affiliate of nationalized Hypo Group have amounted to € 35.8m in 2012. This becomes evident from the balance, which was approved at the shareholders’ meeting on Wednesday. The negative result is caused by a difficult economic environment in Italy and compensations for clients, which arose because of the scandal about…