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Advent, EBRD to buy Hypo Balkans network-Reuters

(Reuters) – Nationalized Austrian lender Hypo Alpe-Adria-Bank International AG has agreed to sell its Balkans network to private equity firm Advent International and its partner the European Bank for Reconstruction and Development, Hypo said on Thursday.

It gave no financial terms for the sale, which still needs formal approval from Advent, the EBRD and the Austrian government. Reuters reported on Wednesday that the deal was set to go through.

Hypo also announced that Chief Executive Alexander Picker was stepping down but would remain head of the holding company for the Balkans network, which operates in five countries, has 8.4 billion euros ($10.6 billion) in assets and 1.15 million customers.