[ anon7994 @ 02.11.2009. 22:13 ] @
BayernLB Offices Searched in Hypo Alpe-Adria Probe
By Oliver Suess and Karin Matussek

Oct. 14 (Bloomberg) -- Bayerische Landesbank’s offices and those of its Hypo Alpe-Adria Bank International unit were searched by Munich prosecutors as part of an investigation into the price paid for the Austrian lender two years ago.

“BayernLB and Hypo Alpe-Adria are cooperating with the prosecutors and are granting access to required documents,” the Munich-based lender said today in an e-mailed statement. Hypo Alpe-Adria spokeswoman Martina Uster didn’t immediately return a call seeking comment.

The raids are part of a probe into the role BayernLB’s former chief executive officer played in the purchase of Hypo Alpe-Adria, the prosecutors’ office said in its own statement. Prosecutors are investigating allegations of breach of trust, according to the statement, which didn’t identify the suspect.

The probe looks into claims BayernLB may have purchased Hypo Alpe-Adria at an excessive price, Barbara Stockinger, spokeswoman for Munich prosecutors, said in an interview.

Werner Schmidt was CEO of BayernLB in 2007, when the bank acquired 50 percent plus one share in Klagenfurt, Austria-based Hypo Alpe-Adria for about 1.6 billion euros ($2.4 billion), giving it access to banking markets such as Croatia, Serbia and Slovenia. Schmidt resigned in February last year, after writedowns related to U.S. subprime loans, and was replaced by Michael Kemmer. Bloomberg News wasn’t immediately able to contact Schmidt for comment.

Net Loss

With the purchase announced in May 2007, BayernLB raised its stake in Hypo Alpe-Adria to 67 percent. Austrian insurer Grazer Wechselseitige Versicherung AG now holds 20.5 percent, the Austrian province of Carinthia 12.4 percent and employees 0.02 percent, according to the company’s Web site.

BayernLB acquired the majority stake at the time from Carinthia, Grazer Wechselseitige, Hypo Alpe-Adria employees and a group of investors led by Tilo Berlin, who stepped down as CEO of Hypo Alpe-Adria at the end of April this year.

Hypo Alpe-Adria reported a net loss of 162 million euros for the first half of this year and said it won’t make a full- year profit. The subsidiary performed “clearly below plan,” BayernLB said on Aug. 25. Hypo Alpe-Adria received 900 million euros in Austrian government funds in December, becoming Austria’s first lender to get state aid.

As part of BayernLB’s own government-led bailout, the German state of Bavaria provided 10 billion euros of capital and a 4.8 billion-euro guarantee for the bank’s asset-backed securities. In return, Bavaria raised its stake in BayernLB to about 94 percent.

The European Commission is investigating the bailout, and EU competition regulators are examining aid given to Hypo-Alpe Adria.


Izvor: http://www.bloomberg.com/apps/...=20601100&sid=axmtXFAe..lU