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Austrian Bank Sells Majority Stake in Liechtenstein Private Bank

Christopher Owen

4 January 2008

Austrian bank Hypo Group Alpe Adria has sold a 51 per cent stake in its Liechtenstein private banking unit, Hypo Alpe-Adria-Bank (Liechtenstein), to a group of investors for an undisclosed sum. The remaining 49 per cent in the Liechtenstein bank, which is to be renamed Alpe-Adria-Privatbank, will continue to be held by Hypo Alpe-Adria-Bank International, said a Hypo group statement. Following the sale of the majority interest in Hypo Group Alpe Adria to Germany's BayernLB last summer, the Austrian bank says it plans to concentrate its strategy on its leasing business and on expanding further into new markets in South-eastern Europe.