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Erste Group Has € 150m Gain Through Hybrid Buyback
Erste Group Bank AG, Eastern Europe’s second-biggest lender, said it has agreed to buy back € 828.3m ($ 1.1bn) of hybrid securities to boost net income and capital.
Erste Group Has € 150m Gain Through Hybrid Buyback / Picture: © Erste Group / Helmut Lackner
The lender will book a gain of about € 150m on the transaction because it repurchased the securities below face value, spokeswoman Hana Cygonkova said. Erste agreed to redeem preference shares and subordinated debt.
European banks are adjusting their capital structures to be ready for new regulations designed to force them to hold bigger cushions against losses. Erste’s offer…
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