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Austrian bank Hypo Alpe Adria records 2.2 bln USD loss

English.news.cn   2014-08-28 07:48:05

VIENNA, Aug. 27 (Xinhua) -- Austrian troubled bank Hypo Alpe Adria has recorded a 2.2 billion U.S. dollar loss for the first half of 2014, the figures released on Wednesday showed, exceeding already grim expectations.

The bank said the massive loss ahead of its divestiture was mostly due to a 1.9 billion-dollar provision for losses incurred in the preparation of "disentanglement of the Italian banking subsidiary as well as the Southeastern Europe network from the group," Austria Press Agency reported.

A capital grant from the Austrian government will not be required this year however, as a special government law that came into effect in mid-August already provides for a 2.1 billion-dollar bond capital cut.

Editor: An
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