Erste Group´s CEO Wants to Avoid Further State Aid

People ♦ 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…