Austria nationalizes Hypo Alpe Adria, subsidiary of German bank BayernLB
Austria nationalized troubled financial institution Hypo Alpe Adria, a unit of German public-sector bank BayernLB, on Monday, bank and government officials said.
The German government has agreed to take an initial 8.7 percent stake in stricken Hypo Real Estate as a prelude to acquiring full control, the bank said on Saturday.