Hypo Alpe Adria to sell Balkan banks by June

The process of selling Hypo Alpe Adria's Balkan banks should be completed in June. According to a press release, the process of separating Hypo Alpe Adria's network in southeast Europe, which is sold to the US fund Advent and the EBRD, from the wind-down company for disposal of the non-performing portion of the troubled Austrian bank (Heta) is finished.

The network of banks in the Balkans will from now on be managed by Hypo Group Alpe Adria AG (HGAA), which is headquartered in Klagenfurt.

- HGAA is a strong banking group that disposes of over 2 billion euro in short-term funding - the release reads.

An agreement to sell Hypo banks in the Balkans was signed in late December 2014 between Heta and the consortium made up of Advent and the EBRD.