Introduction
In the first half of the year, Hypo Group Alpe Adria, which engages successfully in transnational operations in bank and leasing, its two business segments, at more than 370 sites in 12 countries in Central and South-Eastern Europe, was able to hold its ground well in spite of the difficult boundary conditions in the international financial markets, either defending or further improving its position in each important market. Present in the core countries Austria, Italy, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Germany, Hungary, Bulgaria, Macedonia and the Ukraine, Hypo Group Alpe Adria had approximately 7,400 employees on its payroll and attended more than 1.2 million customers on the closing date (30 June 2008).
Notwithstanding the challenging economic environment during the first half of 2008, Hypo Group Alpe Adria vigorously pursued its growth strategy and further extended its network in the region. At the same time, it continued to bring the internal structures and procedures of the international financial institution in line with the increasing demands and adjusted the risks of Hypo Group Alpe Adria according to the principle of sustainability.
After the successful acquisition of a majority interest by Bayerische Landesbank (BayernLB) in October 2007, the two financial institutions adopted a join-hands approach and based their partnership on the firm will to build success together, allowing the customers of both banks to benefit already during the first half of this financial year from the synergies of the two networks, from jointly developed products and from promising supra-regional business connections.
The drive to restructure and reposition Hypo Group Alpe Adria was accompanied by important changes regarding the composition of the supervisory board respectively executive board of the banking group. The CEO of BayernLB, Michael Kemmer, was elected chairman of the supervisory board of Hypo Group Alpe Adria. At its meeting on 30 April 2008, the supervisory board appointed Andreas Dörhöfer, previously director of Risk Office Corporates and Financial Institutions of BayernLB, and Božidar Špan, previously chairman of the executive board of Hypo Alpe-Adria-Bank d.d., Slovenia, as new members of the executive board. Since 1 May 2008, Andreas Dörhöfer has been in charge of Risk Management and Workout. Božidar Špan, responsible since 1 June 2008 for Corporate and Leasing, is the first executive director from a Hypo country in the history of Hypo Group Alpe Adria to become a member of the executive board, reflecting the increasing importance of the international markets for the bank. Josef Kircher, the former board member with responsibility for Corporate and Leasing, retired from the executive board as of 31 May 2008 at his own request, but he will continue to assist the bank in a consulting capacity and provide expert advice in connection with various tasks in the international field.
During the first six months, Hypo Alpe-Adria-Bank International AG, the representative of Hypo Group Alpe Adria in the international capital market, had a non-guaranteed long-term rating of A2, a guaranteed long-term rating of Aa2, both with stable outlook, a BFSR (Bank Financial Strength Rating) of D- and an Aaa »Pfandbrief« rating.
Notwithstanding the challenging economic environment during the first half of 2008, Hypo Group Alpe Adria vigorously pursued its growth strategy and further extended its network in the region. At the same time, it continued to bring the internal structures and procedures of the international financial institution in line with the increasing demands and adjusted the risks of Hypo Group Alpe Adria according to the principle of sustainability.
After the successful acquisition of a majority interest by Bayerische Landesbank (BayernLB) in October 2007, the two financial institutions adopted a join-hands approach and based their partnership on the firm will to build success together, allowing the customers of both banks to benefit already during the first half of this financial year from the synergies of the two networks, from jointly developed products and from promising supra-regional business connections.
The drive to restructure and reposition Hypo Group Alpe Adria was accompanied by important changes regarding the composition of the supervisory board respectively executive board of the banking group. The CEO of BayernLB, Michael Kemmer, was elected chairman of the supervisory board of Hypo Group Alpe Adria. At its meeting on 30 April 2008, the supervisory board appointed Andreas Dörhöfer, previously director of Risk Office Corporates and Financial Institutions of BayernLB, and Božidar Špan, previously chairman of the executive board of Hypo Alpe-Adria-Bank d.d., Slovenia, as new members of the executive board. Since 1 May 2008, Andreas Dörhöfer has been in charge of Risk Management and Workout. Božidar Špan, responsible since 1 June 2008 for Corporate and Leasing, is the first executive director from a Hypo country in the history of Hypo Group Alpe Adria to become a member of the executive board, reflecting the increasing importance of the international markets for the bank. Josef Kircher, the former board member with responsibility for Corporate and Leasing, retired from the executive board as of 31 May 2008 at his own request, but he will continue to assist the bank in a consulting capacity and provide expert advice in connection with various tasks in the international field.
During the first six months, Hypo Alpe-Adria-Bank International AG, the representative of Hypo Group Alpe Adria in the international capital market, had a non-guaranteed long-term rating of A2, a guaranteed long-term rating of Aa2, both with stable outlook, a BFSR (Bank Financial Strength Rating) of D- and an Aaa »Pfandbrief« rating.
