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Austria: Nation stops business with bank after failed sale

By  |  May 16, 2013
Austria: Nation stops business with bank after failed sale

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.

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