BAWAG's new owner will not affect Istrobanka

THE SOLE owner of Istrobanka, the Austrian BAWAG, is changing its ownership. The shift is due to the losses the fourth largest Austrian bank racked up after investing in suspicious deals, as revealed during the past few weeks.

According to a statement from Istrobanka, BAWAG's previous losses and change in shareholders should not affect Istrobanka, the Hospodárske noviny daily wrote.

"During the past few years the bank gradually covered all the losses that BAWAG suffered from 1995 to 2000. The performance of the mother bank has no impact on our financial situation," said Istrobanka director Elena Penzes-Strobl.

The National Bank of Slovakia (NBS) has already contacted the Austrian banking market supervisor and "is being informed of all the important facts." According to the NBS, Istrobanka is currently meeting all its obligations.

Compiled by Marta Ďurianová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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