Hypo Group: „Need Time, not Cash“

Professional ServicesBanks ♦ Published: October 18, 2011; 15:25 ♦ (Vindobona)

Gottwald Kranebitter, CEO of the Austrian nationalized Hypo Group emphasizes the independence from further state capital.

Hypo Group: „Need Time, not Cash“ / Picture: © Wikipedia / JJ55 (30 March 2008)

According to CEO Kranebitter, Hypo Group needs more time from the current point of view. In December 2009, the bank has been nationalized by the government. Before that, the Carinthian bank was a subsidiary of the German BayernLB. The financial crisis in 2008/09 and the following economic downturn caused massive write-offs in foreign subsidiaries and interests. Hypo Group is strongly…