Economy

Austrian branch of Hypo-Adria Bank group sold

VIENNA (AP) — The domestic unit of Austria's deeply indebted Hypo Alpe-Adria-Bank group has been sold for 65.5 million euros ($90.1 million) to a British-Indian entrepreneur.

The new owner of the spun-off business is London-based Anadi Financial Holdings, headed by Sanjeev Kanoria. Since 2009, Austria has injected nearly 5 billion euros of aid into the bank overall. Its need for further aid is a potential problem in Austria's attempts to balance its budget by 2016.

According to the bank Thursday, the domestic unit has assets of 3.5 billion euros. The group that it used to belong to has wide-ranging interests across eastern Europe.

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