Hypo banks in the Balkans sold to American fund Advent

The network of banks in the Balkans of the Austrian Hypo Alpe Adria bank will be sold to American fund, Advent, it was decided last night.

The European Bank for Reconstruction and Development will be in the new ownership structure with a minority stake.

As the Austrian press agency, APA, announced, Hypo holding for SEE with six banks in the Balkans will today be temporarily transferred a daughter company of state-owned holding, OeIAG, Fimbag, which will keep stakes in the bank until sale of business in the Balkans ends.

As of today, Hypo Alpe Adria will stop existing in Austria in its current form and will reconstruct into state-owned “bad bank”.

Apart from that, as of today, Alexander Piker is no longer the president of the Managing Board at Hypo Alpe Adria Group but he will remain the head of the holding for SEE.

Conclusion of sale business of the Hypo banks in the Balkans needs a few more decisions of the future owners, Advent and EBR and the state of Austria which is a formal seller of the bank must approve this business move.

The approval of Bayern LB, former mother company of Hypo Alpe Adria, is also required.