Austrian Minister of Finance joins negotiations on sale of Hypo bank in the Balkans

The Minister of Finance of Austria, Hans Jerg Schelling announced he will personally take part in negotiations with respect to sale of network of Hypo Alpe Adria bank in SEE.

At the media conference he said he does not want to comment why the work with respect to sale of Hypo network in the Balkans was not finished since he did not participate in negotiations and added that EBR is very interesting in continuing negotiations as well as that there will be a new meeting with the American fund, Advent.

The consortium comprising Advent and EBRD has been considered until recently the future owner of Hypo bank in the Balkans but sales agreement has not been signed within deadline so the process was cancelled and a new tender will follow.

Schelling reminded that there is a problem with respect to necessary approval of former owner of Hypo, Bayern LB. He also outlined that EU also has to approve the sales.

On Wednesday, December 3, 2014, the institution for supervision of financial market (FMA) announced it would give "green light" for the sale of Balkans Hypo network to consortium Advent and EBRD.

- I was not included in current negotiations and therefore Advent and EBRD submitted mutual request for the discussion. I will have that discussion together with the negotiating team – Schelling said.

Clear previous reserved attitude of the Minister Schelling in participating in the sale of Hypo bank was the subject of the critic of participants in this action, APA agency reminds