Advent and EBRD acquire Hypo bank network in the Balkans

The Ministry of Finance of Austria confirmed early this morning that the network of the Hypo Alpe Adria bank in the Balkans was sold to consortium of the American Fund, Advent and the European Bank for Reconstruction and Development (EBRD).

Advent’s offer, as the Ministry outlined, won other two bidders.

The working group which the Austrian Government set up, was intensively analyzing the offers and gave adequate recommendation after which the agreement was signed.

The offer significantly improved in the last two weeks, it was announced. Thus, limit for the guarantees was decreased with more than EUR 2 billion to EUR 1,7 billion.

Sales price totals up to EUR 200 m, 50 m of which will be directly paid.

The refunding line of the network in the Balkans stayed at EUR 2,2 billion and will be returned during upcoming years.

Assuming that EC and the responsible supervisory commission in Austria will provide this business, sales conclusion is expected by the second quarter next year.