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.

Erste Group to Pay Back € 1.8bn in State Aid / Picture: © Vindobona.org

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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