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Goldman Sachs: Too Small Margins at Austrian Banks in CEE
The U.S. investment bank is optimistic that the CEE region recovers in 2013. The write-offs made by Austrian banks were “correct”.
Goldman Sachs: Too Small Margins at Austrian Banks in CEE / Picture: © Coface, CEE Top 500
With the early write-offs made by Austrian banks, Erste Group and RBI (Raiffeisen Bank International) made „right steps“. Especially in Hungary, the two major Austrian banks registered massive write-offs. Last year, Erste Group recorded losses of € 719m which is due to write-offs totaling € 1.8bn. By contrast, RBI could record profits of € 1.4bn last year.
Nevertheless,…
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