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Erste Group´s CEO Wants to Avoid Further State Aid

Published: October 29, 2011; 20:01 · (Vindobona)

Andreas Treichl, CEO of the Austrian major bank Erste Group, wants to prevent a further influence of the Austrian state.

Two weeks ago, Treichl surprised the financial market with a drastically high write-off. An expected profit of € 800m became suddenly a loss of about € 800m. A CDS-portfolio and write-offs in Hungary and Romania caused the dramatic losses.

Now, Treichl states that the CDS portfolio is almost completely dismounted. Treichl: „After our announcement on 10 October, many…

This article includes a total of 255 words.

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