“Sale of Kommunalkredit Will Take Some Time”

Businessn.a. ♦ Published: February 18, 2013; 19:03 ♦ (Vindobona)

Ewald Nowotny, governor of Austrian National Bank, believes that the sale of the nationalized Austrian banking group will take some years.

“Sale of Kommunalkredit Will Take Some Time” / Picture: © Kommunalkredit

According to Nowotny, the sale is not easy at all. In general, such transactions prove difficult, he argues. The Austrian bank was acquired by the Austrian state in 2008. The EU Commission has obliged the Austrian government to re-privatize the bank until 2013. In case of a failed sale, EU may appoint an executor who sells the bank at any price Nowotny explains.

Nowotny stresses…