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Hypo Group: Italian Branch Turns Out a Huge Problem
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Published: April 17, 2014; 17:07 ♦ (Vindobona)
According to CEO Picker there were more “skeletons in the closet than expected” which led to huge losses for the ailing bank. The Italian network may have to be downsized.
Until Hypo Group will be transformed into a bad bank it has to solve the issue with its Italian branch. / Picture: © Vindobona.org
The most recent capital injection by the Austrian federation in the amount of € 750m on April 11 was required so the ailing bank could close the 2013 annual accounts. The federation covered a major part of the losses, which have amounted to € 2.748bn last year. Credit losses and risk provisions for “local special risks” encumbered the results heavily, as reported by the bank on…
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