Hypo Group to Sell Austrian Affiliate

Politics ♦ Published: May 29, 2013; 10:21 ♦ (Vindobona)

On Friday the deal of nationalized Hypo Bank’s Austrian affiliate will finally be sealed. Indian Srei Group will become the new owner in all likelyhood. The company will pay € 60m to € 70m.

Hypo Group to Sell Austrian Affiliate / Picture: © Hypo Alpe-Adria-Bank International AG

Apparently the concept of obtaining a European banking license through the acquisition of Hypo Group and therefore being able to expand in Europe has convinced the Indian company, which invests in infrastructure projects.

Hypo Bank’s Austrian affiliate is listed in the books at € 130m. The selling of the bank will therefore bring losses in the amount of € 60m to 70m. Still,…