Recently nationalised banking network Hypo Group Alpe Adria
(HGAA) is understood to be looking to sell up to five of its CEE
leasing subsidiaries, as it aims to cut its balance sheet in line
with an EU restructuring mandate.
The spotlight is on Hypo’s leasing subsidiaries in Bulgaria,
Hungary, Macedonia, Germany and Ukraine – territories where the
Austrian group has no banking infrastructure.
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Bulgaria and Macedonia seem most likely to be sold, with HGAA
commenting to CEE newswire SeeNews last week: “Should the final
decision require that Hypo Group Alpe Adria has to sell its
subsidiaries in Macedonia and Bulgaria, this will in any case be an
orderly process of identifying a suitable new owner, and it will
not be a close down.”
Bulgaria has six leasing offices in Bulgaria and two in
Macedonia, with 97 and 28 staff respectively. It is believed that
very little or no new business was written by either arm in
2009.
In 2008, however, HGAA’s Bulgarian yacht leasing business alone
financed more than 100 yachts, worth a total of €45 million.
In addition to Bulgaria and Macedonia, the other three Hypo
leasing businesses in territories without banking networks –
Germany, Hungary and Ukraine – may also face sale, according to
comments made by group CEO Gottwald Kranebitter in an interview
with Austrian magazine News.
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By GlobalDataFred Crawley
