A PYMNTS Company

Austria: Nation stops business with bank after failed sale

By  |  May 16, 2013

Austria has reportedly failed to sell nationalized bank Kommunalkredit Austria AG and announced it has halted all business with the lender. Finazmarktbeteiligung AG reportedly failed to find a buyer for an acceptable price as the agency manages state aid intended for the nation’s banks. The European Union set a deadline for the end of June for the nation to sell the bank when it finalized state aid. According to the bank, while interested buyers came forward, none were sufficient and offers were “linked to conditions burdening Austria.” In response, the nation has stopped all business with the bank and will reportedly begin discussions with the EU to determine Austria’s next steps. EU Competition Commissioner Juaquin Almunia could potentially choose a trustee to head the sale of the bank going forward.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Bloomberg

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.