[ @ 24.04.2009. 09:02 ] @
||BayernLB's Hypo makes 520 mln euro 2008 net loss|
VIENNA, April 23 (Reuters) - German state bank BayernLB's [BAYLB.UL] Austrian unit Hypo Group Alpe Adria had a 520 million euro ($677 million) net loss last year and will cut its payroll by a quarter, partly by selling units, it said on Thursday.
Loan loss provisions nearly doubled to 533 million euros for the group, which apart from its Austrian business is a major lender in the former Yugoslavia. Hypo had a slight profit of 3 million euros in 2007.
Hypo will reduce its workforce by around 2,100 staff over the next five years, it said in a statement. Half of the cut is expected to come through a disposal of assets, it said. (Reporting by Boris Groendahl, editing by Will Waterman)
[ @ 24.04.2009. 09:20 ] @
BayernLB's Hypo makes 520 mln euro 2008 net loss
* 2008 net loss 520 million eur vs 2007 profit 3 million eur
* Loan loss provisions double, Croatia hit worst
* Will sell assets in BayernLB's restructuring
VIENNA, April 23 (Reuters) - German state bank BayernLB's Hypo Group Alpe Adria made a 520 million euro ($677 million) net loss last year as risk provisions doubled and it said on Thursday it would sell units to reduce costs and risk.
The Austrian bank, also a major lender in the former Yugoslavia, was bailed out by its 67 percent owner BayernLB and the Austrian government late last year with a combined capital injection of 1.6 billion euros.
Loan loss provisions nearly doubled to 533 million euros last year, driven up mainly in Croatia, where they rose almost 20 times. Hypo had a small profit of 3 million euros in 2007.
Parent BayernLB itself made a 5.1 billion euro net loss last year and also needed cash injections of around 30 billion euros from the German and Bavarian governments to survive.
Hypo's annual report published on Thursday shows that it would have dropped below regulatory capital ratios without the cash infusion: its tier 1 capital ratio would have fallen below 4 percent and its total capital ratio below 8 percent.
Hypo will reduce its workforce by around 2,100 staff over the next five years, which are part of BayernLB's groupwide plan to cut 5,600 jobs, it said in a statement. Half of the cut is expected to come through asset disposals, it said. (Reporting by Boris Groendahl, editing by Will Waterman)
[ @ 09.05.2009. 09:24 ] @
Bayerische Landesbank faces split, Hungary's MKB seen going up for sale - paper
Friday, 8, May 2009 12:17:00 PM
Bayerische Landesbank is to be “halved", Süddeutsche Zeitung reported on Friday. The paper learned that BL's Hungarian unit MKB Bank could also be put up for sale in 2013 or 2014.
Bayerische Landesbank's balance sheet total would be reduced considerably via transactions to EUR 271 billion from EUr 485 bn at end-2008, the paper said. BL would no longer own Hungary's MKB Bank, Saarbrücken-based SaarLB, Luxembourg's LBLux, Munich-based GWB Immobilien and Kartner Hypo Group Alpe Adria. The sale of the Hungarian unit is likely in 2013 or 2014, the paper added.
Süddeutsche Zeitung said BL needs to be chopped up so that it could take part in the state's bank rescue scheme, which also needs a nod from the European Union.
Germany's government is in discussion with provincial banks about possible ways to rid them of toxic assets. During these talks the subject of the system's major restructuring - the possible amalgamation or splitting up of the banks - will also be put on the table.
Experts claim Bayerische Landesbank would be able to use the proceeds from the sale of its units to repay the EUR 10 b lifeline granted by the Bavarian province.
Copyright (C) 2001-2019 by www.elitesecurity.org. All rights reserved.