Feb. 25 (Bloomberg) -- Kardan NV, the Dutch-Israeli investor in real estate, banks and insurance, has suspended projects in eastern Europe and is closing branches at its financial-services division as the region’s economic crisis deepens.
Kardan has halted property developments in countries including Hungary and Poland, and won’t take on new projects or buy additional land in eastern Europe, Chairman Alain Ickovics said in an interview. The company is also shutting “less efficient” bank and financial-services branches and reducing its workforce, he said.
An economic slowdown triggered by tighter credit from western banks has weakened demand for the 140 residential, office and retail projects Kardan has built or is constructing. The Amsterdam-based company also operates two banks, in Ukraine and Russia
