Guidelines for the sale of Hypo Alpe Adria bank in the Balkans set

The Shareholder Assembly of the Hypo Alpe Adria banka has set guidelines for the ssale of he daughter-banks in SEE.

At the last night’s Assembly meeting, the shareholders decided that SEE holding with all daughter banks iin the Balkans should be delivered to a special state-owned legal entity and that the rest of the , Hypo bank outside the Balkans should move into the bank for decomposition which means that unprofitable branch offices will gradually be shut down. State-owned funds will still be necessary for that in order to provide essential capital.

As the APA reports, relocated "SEE Holding AG" with banks in the Balkans will in the future act as Hypo Group Alpe Adria AG and it should be sold this month.

President of the Managing Board at Hypo bank, Alexander Piker, considers the decision of the Shareholder Assembly an important formal step which generates terms for the bank decomposition.

Hypo is working on bank decomposition costs cuts for tax payers as much as possible , he added.

If everything runs smoothly, sale of daughter banks in the Balkans, i.e. signing of adequate sale contract, should be done before October 30, APA claims.