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Austria: Struggling bank cleared for $7.1B in state aid

By  |  September 3, 2013

Austria was cleared by the European Commission for up to $7.1 billion in state aid into state bank Hypo Alpe Adria by 2017, say reports; the Commission’s aid clearance also Okayed the banks reorganization plan.

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    The bank forecasted between $3.4 billion and $7.1 billion in need from now until 2017.

    Hypo Alpe is reportedly reorganizing operations through breakups to keep its head above financial waters.

    Full Content: Reuters

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