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news 07 Nov 12

Hypo Group Starts Selling Balkan Businesses

The Austrian banking group has started putting its subsidiaries in Southeast Europe up for sale.

FriedlNews

Hypo Group on Tuesday launched the sale of the group's units in Slovenia, Croatia, Serbia, Bosnia and Montenegro. Offers have to be submitted by 7 December.

The business units are held by the Austrian-based SEE Holding. Hypo Group's subsidiaries consist of banking and leasing units.

SEE Holding has total assets of €11.0 billion. The six subsidiaries serve 1.1 million customers and operate 250 branches.

In the first six months, the six subsidiaries recorded a net income of €26 million. The subsidiaries in Slovenia and Montenegro are loss-makers, while the Serbian and the Croatian subsidiaries are profitable. The biggest unit is the Croatian subsidiary, followed by the Slovenian subsidiary.

In total, the Austrian bank has a capital shortfall of €2.2 billion.

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