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Report: Hypo Alpe-Adria changes name as part of restructuring

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Report: Hypo Alpe-Adria changes name as part of restructuring

HypoAlpe-Adria-Bank and its subsidiaries in Serbia and other Balkan countries willchange their name to Addiko Bank as of July 11, SEENews reported July 7.

Thebank wants to reclaim its position among the five largest banks in the region,SEENews noted, citing a press release. It will focus on providing services tohouseholds and small and mid-sized businesses.

CEO ZoranVojnovic was cited as saying that the change of the name constitutes part ofrestructuring of the group after Austria sold it to Advent International and the European Bankfor Reconstruction and Development.

Inaddition to Serbia, which is the largest market for Addiko in the region, theBalkan banking network also comprises Bosnia's and Hypo Alpe-Adria-Bank ddMostar, Croatia's HypoAlpe-Adria-Bank dd, Slovenia's Hypo Alpe-Adria-Bank dd and Montenegro's , the news report said.