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Erste to Improve Equity Base
Austrian Erste Group will ask shareholders for permission to sell bonds that automatically convert into shares to cover potential capital shortfalls.
Erste to Improve Equity Base / Picture: © Vindobona.org
Erste wants to have the right to sell so-called contingent convertible bonds, known as CoCos, that convert into equity should its capital ratio fall below 7 percent, among other scenarios, the Austrian lender said in an invitation to its May 12 annual general meeting. A subsequent bond sale may help the bank meet European Banking Authority capital requirements by the end of June, Erste…
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