July 4 (SeeNews) - The banking unit of Austria's Hypo Group Alpe-Adria in Bosnia's Serb Republic said on Friday it is cutting its capital by 34.1 million marka ($23.8 million/17.4 million euro) to 122.8 million marka to cover losses.
For the purposes of the cut, the bank said in a statement it plans to tap its reserves, retained earnings and core capital.
The registered capital of Hypo Alpe-Adria-Bank Banja Luka [BANJ:KRLB-R-A] totaled 156,940,571 shares prior to the taking of the decision by its shareholders on June 30. After the cut, its capital comprises 122,859,225 shares with par value of 1.0 marka apiece.
Hypo Alpe-Adria-Bank Banja Luka turned to a net loss of 69 million marka in 2013 from a net profit of 7.9 million marka a year earlier.
Hypo Group Alpe-Adria has another unit in Bosnia and Herzegovina, Hypo Alpe-Adria-Bank d.d Mostar, located in Bosnia’s other autonomous entity, the Muslim-Croat Federation.
(1 euro=1.95583 Bosnian marka)