Hypo Needs € 700m in Capital Increase

People ♦ Published: September 12, 2013; 19:10 ♦ (Vindobona)

The ailing banking group needs a further capital injection in order to fulfill the lawful capital adequacy requirements.

Hypo Needs € 700m in Capital Increase / Picture: © Wikipedia / JJ55 (30 March 2008)

In an extraordinary general meeting held on Thursday in Klagenfurt, state-owned banking group Hypo Alpe Adria has laid the foundations for the conditions for the transfer of € 700m as capital increase by the owner, the Austrian state. The capital increase is supposed to take place “in the coming days”, as announced by the bank in a release.

The bank, which was nationalized…

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