Bank Austria faces 70 mln eur hit from Swiss court case
VIENNA, April 11
VIENNA, April 11 (Reuters) - UniCredit unit Bank Austria's profit will take a hit of around 70 million euros ($92 million) this year as a result of a Swiss court ruling, Bank Austria said on Thursday.
Switzerland's supreme court has rejected the bank's appeal against a lower court ruling ordering the group to pay around 254 million euros in a case brought nearly 20 years ago by Germany's BvS reconstruction agency for eastern Germany.
"As Bank Austria has already built up appropriate risk provisions for this scenario, the residual P&L effect from this court ruling should be approximately 70 million euros in 2013," it said in a statement.
It said it would re-launch legal action against BvS over the case in Germany.
($1 = 0.7642 euros) (Reporting by Michael Shields; Editing by Helen Massy-Beresford)