Article Tools

Hypo Group to Shut Down Subsidiaries in Italy

Published: May 6, 2014; 17:49 · (FriedlNews)

Until the end of this year five subsidiaries in Italy will be closed.

Hypo Group Italy is facing stormy weathers. / Picture: © Flickr

The closing of five out of 30 subsidiaries in North Italy were decided on as a consequence of the difficult market situation in Italy. In the coming years Hypo Alpe Adria Italia intends to continue with its restructuring measures in order to make the bank attractive for investors, as announced by the bank.

On Monday, the shareholder’s meeting of Hypo Alpe Adria Italia replaced the board of directors of the banking institute. Alexander Picker, CEO of the Austrian parent company, was appointed chairman of the supervisory board. Moreover Marco Garglio is a new member of the board and became the new managing director.