December 14, 2009 / 6:56 AM / 9 years ago

Austria nationalises ailing Hypo -FinMin

VIENNA, Dec 14 (Reuters) - Austria will take full control of stricken Austrian lender Hypo Group Alpe Adria, avoiding the collapse of Austria’s sixth largest bank, Finance Minister Josef Proell said after three days of crisis talks in Vienna.

Under the deal, Hypo’s biggest shareholder BayernLB will once more inject 825 million euros ($1.2 billion) in capital into Hypo, which is also a major lender in the former Yugoslavia, Proell said. Other shareholders will inject 230 million euros.

Austria will provide up to 450 million euros of capital, Proell said. (Reporting by Christian Gutlederer; Editing by David Holmes)

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