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Erste to Improve Equity Base
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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: © Erste Group / Christian Wind
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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