Panama Papers: Hypo Vorarlberg Denies Illegal Activities, to Withdraw from Offshore Business

Hypo Vorarlberg denies bootleg activities, to repel from offshore business / Picture: © Landes- und Hypothekenbank Vorarlberg

The bank will now repel totally from any offshore business, Vorarlberg segment – a bank’s infancy shareholder – administrator Markus Wallner said.

The bank and a owners will elect an outmost review of a offshore business conducted during a authorised chancellery nonetheless to be chosen.

So far, conjunction a investigations of financial marketplace watchdog FMA, nor those of a Austrian executive bank suggested any transgression of a law, a dual officials stressed.

Most recently, such review was hold in 2012 by FMA.

Earlier on Monday, FMA pronounced it would check either Hypo Vorarlberg and RBI bank kept their obligations in a margin of income laundering prevention, following a Panama Papers leak.

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