Raids at Ukrainian Affiliate of Bank Austria

Politics ♦ Published: September 25, 2013; 11:42 ♦ (Vindobona)

Ukrsotsbank in Kiev was searched on Friday due to unclear ownership structures of non-performing loans which led to disputes between banks and clients. Within the Unicredit Group Bank Austria is responsible for banks in Eastern Europe.

Raids at Ukrainian Affiliate of Bank Austria / Picture: © Ukrsotsbank

On Friday, the Ukrainian commercial investigative police searched the headquarters of the country’s sixth biggest bank Ukrsotsbank in Kiev on Friday. Ukrsotsbank was the only affiliate of Bank Austria generating losses in the first half year because of higher credit revaluations. Pre-tax losses amount to € 65m.

In a press release on Friday Ukrsotsbank announced having been…