Economy
Hypo Alpe Adria plays down eastern European divestment news as rumour
While HGAA did not wish to comment the divestment news, playing these down as “rumours", its Klagenfurt-based (Austria) PR department told Hungarian newswire MTI that the group’s restructuring remains in progress.
Austrian daily Wirtschaftsblatt said last Friday that in scope of the restructuring HGAA plans to exit from five eastern European countries, including Hungary.
The Austrian government decide last December to nationalise HGAA for the group was on the verge of collapse due to the massive volume of non-performing loans in southeast Europe and some botched investment calls. HGAA has until the end of the month to submit its restructuring plans to the European Commission.
Up until its nationalisation, HGAA’s majority owner was Bayerische Landesbank (Bayern LB), the owner of Hungary’s MKB Bank, with a 67.1% stake.
HGAA has a Hungarian interest as well, namely Hypo-Alpe-Adria Leasing Zrt., the core activity of which is the leasing of boats, aircraft, equipment and real estate.
Austrian daily Wirtschaftsblatt said last Friday that in scope of the restructuring HGAA plans to exit from five eastern European countries, including Hungary.
The Austrian government decide last December to nationalise HGAA for the group was on the verge of collapse due to the massive volume of non-performing loans in southeast Europe and some botched investment calls. HGAA has until the end of the month to submit its restructuring plans to the European Commission.
Up until its nationalisation, HGAA’s majority owner was Bayerische Landesbank (Bayern LB), the owner of Hungary’s MKB Bank, with a 67.1% stake.
HGAA has a Hungarian interest as well, namely Hypo-Alpe-Adria Leasing Zrt., the core activity of which is the leasing of boats, aircraft, equipment and real estate.
