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Erste Group: Austerity Cuts Also in Austria
After sharp austerity measures in Romania and Hungary, the banking group wants to reduce personnel costs in Austria.
Erste Group: Austerity Cuts Also in Austria / Picture: © Vindobona.org
Today, Erste Group announced that the Romanian subsidiary BCR (Banca Comerciala Romania) had to write down about € 300m. Despite the losses in Romania, Erste Group anticipates to record net profits of € 450m in 2012.
In 2006, Erste Group acquired Romania´s biggest bank Banca Comerciala Romana (BCR). The sales price for 62% of BCR´s shares reached about € 4.0bn. Now,…
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