Erste Group: Austerity Cuts Also in Austria

Business › n.a. ♦ Published: January 15, 2013; 20:44 ♦ (Vindobona)

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: © Erste Group / Christian Wind

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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