Ex Hypo Alpe Adria SEE Units Post Consolidated Loss of EUR 675 Million
The southern European bank units formerly owned by Hypo Alpe Adria, and now in the hands of US equity fund Advent and the EBRD, posted in the first year under the new owners, in 2015, a huge consolidated loss of EUR 675 million. In 2014 the loss totalled EUR 97.4 million.
The reason for this negative performance were one-off effects, costing the firm over EUR 600 million, i.e. old liabilities, but also the costs of forced conversion of Swiss franc loans in Montenegro and Croatia.
In Q1 2016, however, the SEE bank transferred back a package of non-performing assets (EUR 223 million) back to the former owners, i.e. Heta, the bad bank of Hypo.
The bank announced it has completed the return of non-performing loans to the original owner of the bank units.
A rebranding is planned for the third quarter of 2016.
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