A new owner of the Hypo banks in the Balkans - Investment Fund "Advent" and EBRD have taken over Austrian banking network

Source: eKapija Friday, 24.07.2015. 09:53
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As Hypo Group announced today, the Investment fund "Advent" and the European Bank for Reconstruction and Development (EBRD) have successfully completed the aquisition of Hypo Group Alpe Adria AG (HGAA), a banking network operating in the South-Eastern Europe, from "Heta Asset Resolution", a former Hypo Alpe Adria Bank's entity in the ownership of the Republic of Austria.Acceptance has formally been completed today, when all the conditions from the sales agreement, signed on December 22, 2014, have come into force.

Hypo Group Alpe Adria AG, a banking network operating in the South-Eastern Europe, will be led by newly appointed CEO of the Group, Ulrich Kissing, together with Johannes Proksch, a Member of the Executive Board (Chief Financial Officer), Stefan Selden, a Member of the Executive Board (Chief Risk Officer) and Rainer sichert, a Member of the Executive Board (Chief Operations and Market Officer) and a Sales Manager. Executive board of the group will be additionally reinforced, and the details will be announced in the weeks to come. New owners have confirmed that regional management teams in Croatia, serbia, Slovenia, Bosnia and Herzegovina and Montenegro will keep their positions. The main headquartes of the South-Eastern European banking network will be in Klagenfurt, operating with Austrian banking licence.

An amount to be paid on behalf of this aquisition will be determined in the Sales agreement, depending on the results achieved by HGAA by the end of 2015. Current lines for the protection of liquidity in value, of about EUR 2.2 billion, provided by the Republic of Austria, have not been changed. Counterparties have agreed on the coditions of payment of these credit lines in the period to come.

- Today, we are taking the ownership over a banking network with a great balance and stable longterm financing - said Dr.Christian Stoffel, a Director at "Advent International" in Frankfurt. Around 1.2 million of users, 250 branch offices in five countries, capital ratio over 20%, provided assets worth more that EUR 2 billion for a longterm liqudity financing, clear credit portfolio with about 12% uncollectible loans and strong management team, provide us a perfect position for further development.

Nick Tesseyman, a CEO of EBRD, stated that this institution, as a coowner, is "dedicated to offering special services to citizens, small and medium-sized enterprizes, corporate clients and clients fro the public sector of Croatia, Slovenia, Bosnia and Herzegovina, Serbia and Montenegro, with an aim to be in the top five banks in the region."

New owners of HGAA have a long and successful results in capital investment in the field of financial services, as well as investments in Central and South-Eastern Europe, having in mind that "Advent International" has invested in 40 regional companies in the previous 20 years. Aparty from that, this investment fund has a rich experience in the field of financial services, including investing of more than 60 companies in this sector worldwide.

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