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Bank Austria faces 70 mln eur hit from Swiss court case
April 11, 2013 / 10:46 AM / 5 years ago

Bank Austria faces 70 mln eur hit from Swiss court case

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

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