Erste Group: Massive Write-Downs in Romania

Published: January 15, 2013; 10:55 · (Vindobona)

The Austrian banking group reduces goodwill by € 300 million.

Erste Group: Massive Write-Downs in Romania / Picture: © BCR Banca Comercială Română

The regular annual impairment tests for goodwill carried on Erste Group’s balance sheet have resulted in a write down requirement mainly on goodwill associated with its Romanian subsidiary, BCR, but also other participations in the total amount of about € 300 million (pre-tax). This is due to higher market risk premiums resulting in rising discount rates employed in these impairment…

This article includes a total of 164 words.

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