Poor share price performance has prevented Bank Austria Creditanstalt, the subsidiary of HVB Group, from exercising the overallotment option on its €960m ($1.1bn) initial public offering.

HVB Group said it has not been able to exercise the greenshoe of almost 5 million shares due to "difficult market conditions". It had hoped to raise a further €145m from the greenshoe, increasing the size of the IPO to €1.1bn.