Austria nationalises failing lender
The Austrian government nationalised Hypo Group Alpe Adria, an ailing Austrian-German lender, on Monday over concerns that it was at the brink of collapse. It was the republic's second bailout, following its nationalisation of Kommunalkredit in September last year.
Bayerische Landesbank (BayernLB), the Bavarian state bank which owned the rescued lender, sold its 67% stake in Hypo Group Alpe Adria to Austria for one euro, and said it would waive receivables worth €825 million ($1.2 billion)
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