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German banker to head up Hypo

Austria has named the former head of German bank Dresdner Bank as Chairman of Austrian nationalised bank Hypo Alpe Adria.

Herbert Walter headed up Dresdner Bank between 2003 and 2009 but now due to take the helm at Hypo after the Austrian lender's previous head left amid arguments with government over what to do with the ailing bank.

Earlier this month the Austrian government made a decision on how to handle Hypo's billions of toxic assets, opting to create a wind down vehicle and putting a stop on any speculations that they might allow the bank to go insolvent.

Walter is due to start in his role after the bank publishes it's 2013 annual results, which are expected to be published in April.

The news follows the request made by the lender last week for a further 1.43 billion EUR from the government, in addition to the 4.8 billion EUR it has already received from the state since 2008.

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