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Erste Group to Pay Back € 1.8bn in State Aid
Politics ♦
Published: June 24, 2013; 18:08 ♦ (Vindobona)

The Austrian banking institute plans on not only paying back its debts at the state but also to significantly increase equity capital.

Austrian Erste Group wants to pay back participation capital of € 1.76bn. In order to finance this step, a capital increase of € 600m is supposed to be carried out in the third quarter, as announced by Erste Group on Monday.
By the paying back of the participation capital the bank will save € 149m after taxes in 2014 and € 158m after taxes in 2015. The costs of the…
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