Germany bank BayernLB has brought a 50% stake in Austrian bank Hypo Alpe Adria, owned by the province of Carinthia, insurance company Grazer Wechselseitige and German investor Tilo Berlin. The deal is worth €1.63 bn, valuing the Austrian bank at €3.25 bn. Hypo Alpe Adria is based in Austria, Italy and the former Yugoslavia and was involved in a financial scandal last year following the loss of €328 m in high-risk investments.