VIENNA, March 26 UniCredit unit Bank
Austria has kept some exposure to Kazakhstan via loan guarantees
at its ATF unit that the bank is selling to a local
entrepreneur, according to Bank Austria's 2012 annual report.
Bank Austria, the biggest lender in emerging European
markets, will guarantee against loan losses of up to $631
million for two years after the sale closes, the report said. In
return, ATF will pay a premium of 2 percent.
The accord stems from a guarantee agreement struck in 2009
covering a loan portfolio worth $2.8 billion.
Italian parent UniCredit said this month it was selling ATF
for around book value of $550 million. UniCredit bought ATF for
$2.1 billion in 2007 at the height of the credit boom.
Austrian paper WirtschaftsBlatt first reported on the
guarantees on Tuesday.
(Reporting by Michael Shields; Editing by Tom Pfeiffer)