Zilic wants to buy Hypo for EUR 2.7 billion

A billionaire of Bosnian descent, Ivan Zilic, is very interested in buying fallen Hypo Alpe Adria Bank which is a big burden for the budget of Austria.

As the Vienna daily Osterreich reports, he has submitted a new bid for the acquisition of that bank to Austrian authorities.

Zilic has expressed readiness to take over Hypo Bank and assume all its known debts for EUR 2.7 billion.

By the way, Zilic first came out in public with a takeover bid for Hypo Bank in early April.

- I find Hypo a “healthy” bank – he said citing the reasons why he wanted to acquire the bank that the rest of the banking world deemed not so interesting.

The Finance Ministry of Austria points out that they are only selling Hypo Bank’s operations in southeast Europe.

- I find Hypo Bank a healthy bank. We must separate it completely from Bayer LB and only then can this bank be put on a sound basis – Zilic voiced his belief.

When asked how much money he was ready to set aside, he said that the Austrian government had not yet specified the total amount of Hypo Bank’s debts.

- I say it loud and clear that I am ready to buy Hypo. My offer is EUR 2.7 billion. I am flexible, but not if more debts emerge – Zilic explained.

He underlined he wanted to buy “the whole bank”.

Zilic noted he would be happy to meet and talk about this acquisition with Austrian Finance Minister Michael Spindelegger, promising he would not push the Bank to bankruptcy.

He confirmed he had been invited by the Austrian Finance Ministry to come and talk with them, but he added that preparatory talks must take place “at his place,” in Luxembourg.