Hypo Group Alpe Adria

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Hypo Group Alpe Adria
Type Public
Industry Finance and Insurance
Founded 1896
Headquarters Klagenfurt, Austria
Products Commercial banking, Investment banking, Leasing, Asset management
Website www.hypo-alpe-adria.com

The Hypo Group Alpe Adria (HGAA) is an Austrian banking group with numerous cross-border activities in the Alps-Adriatic region. The group is active in Austria, Germany, Italy, Slovenia, Croatia, Bosnia-Herzegovina, Serbia, Montenegro, Republic of Macedonia, Bulgaria, Hungary and Ukraine.[1]

In May 2007 the BayernLB bought 50% plus one share (controlling stake) of HGAA for 1.63 billion Euros.[2]

On 14 December 2009, BayernLB, Kärntner Landesholding and Grazer Wechselseitige Versicherung sold their stakes in the bank to the Austrian government for 1 Euro each.[3] The bank was nationalised by the Austrian government to avert a bank collapse.[4] It is expected that between 13 and 19 billion Euros of outstanding loans will never be paid back; to avoid bankruptcy, the Austrian taxpayers will have to cover this loss. [5]

The headquarters, which accounts for around 500 employees, is located in Klagenfurt, Austria and is responsible for controlling the subsidiary banks in Austria, Italy and South-Eastern Europe as well as those markets from which the bank is currently withdrawing (wind-down markets).[6]

As of February 2014, the HGAA situation was unsolved,[7] causing Chancellor Werner Faymann to warn that its failure would be comparable to the 1931 Creditanstalt event.[8]

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