April 23, 2009 / 2:52 PM / 10 years ago

BayernLB's Hypo makes 520 mln euro 2008 net loss

VIENNA, April 23 (Reuters) - German state bank BayernLB’s [BAYLB.UL] Austrian unit Hypo Group Alpe Adria had a 520 million euro ($677 million) net loss last year and will cut its payroll by a quarter, partly by selling units, it said on Thursday.

Loan loss provisions nearly doubled to 533 million euros for the group, which apart from its Austrian business is a major lender in the former Yugoslavia. Hypo had a slight profit of 3 million euros in 2007.

Hypo will reduce its workforce by around 2,100 staff over the next five years, it said in a statement. Half of the cut is expected to come through a disposal of assets, it said. (Reporting by Boris Groendahl, editing by Will Waterman)

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