Erste Group Bank AG commences an Equity Buyback plan for 10% of its issued share capital, under the authorization approved on May 12, 2023.
October 30, 2023 at 07:23 am
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Erste Group Bank AG (WBAG:EBS) commences share repurchases on August 16, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 12, 2023. As per the mandate, the company is authorized to repurchase own shares of up to 10% of the share capital. The consideration may not be less than half of the closing price on the Vienna Stock Exchange on the last trading day prior to the acquisition and may not exceed the closing price on the Vienna Stock Exchange by more than 20% on the last trading day prior to the acquisition. The program will run over a period of 30 months from the date of Annual General Meeting and will expire on November 12, 2025.
On August 1, 2023, the company announced a share repurchase program after receiving the European Central Bank approval. Under the program, the company will repurchase up to ?300 million worth of its bearer shares. The repurchased shares will be cancelled. The program is subject to the consent of the Supervisory Board.
On August 9, 2023, the company received the consent from its Supervisory Board. The program is run valid from August 16, 2023 to June 29, 2024.
Erste Group Bank AG is one of the leading Austrian banking groups. Net interest income by activity breaks down as follows:
- retail banking (42.4%);
- corporate banking (24.7%)
- investment, finance and market banking (8.4%);
- other (24.5%).
At the end of 2022, the group was managing EUR 222.6 billion in current deposits and EUR149.3 billion in current loans.
Products and services are marketed through a network of 2,029 branches located in Austria (797), Czech Republic (398), Romania (321), Slovakia (190), Croatia (133), Hungary (102) and Serbia (88).
Net interest income breaks down geographically as follows: Austria (44.7%), Europe (52.8%) and other (2.5%).