"Bayern LB" to buy majority package of stocks of Hypo Alpe-Adria International bank

Austrian bank Hypo Alpe-Adria International stated that the majority share of 50% plus one stock in that bank would be bought by German "Bayern LB" for 1,625 billion EUR.

According to the announcement, the initial stockholders will be paid special dividend of about 50 billion EUR. Hypo Alpe-Adria Group will operate as a daughter-company of "Bayern LB" and it will keep its own market position and headquarters in Klagenfurt.

Last-year profit of Hypo bank in Serbia amounted to 10.1m EUR, and the balance sum equaled 1.4 billion EUR. Market share of Hypo Alpe Adria bank on Serbian banking market is 9.6%, so that it currently is the third largest financial institution in Serbia, with 70,000 clients.

(source: Balkan Business News, www.seebbn.com)