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)