Erste considers capital hike

The board of Erste Bank (BSE:EBS) will propose to shareholders a capital increase of up to €200 million for five years, to finance the bank development plans, according to filing to Bucharest Stock Exchange.
If the proposition is approved, the board of Erste will would issue 100 million shares by 2015, following to set the final price and selling conditions at a later date.

“Erste Group Bank AG wishes to lay the groundwork for meeting the future capital needs consequent to potential changes in the statutory capital adequacy ratio. Furthermore, the future development of the company, that could require the acquisition of other businesses or equity stakes in other companies must be financed. And a capital hike is necessary to serve both purposes”, the bank said in the filing to BSE.

The shareholders meeting will also address the €386.75 million dividend distribution issue, as well as the proposed €350,000 indemnity for the supervisory council.

The shareholders of the Austrian-based bank will make a final decision on the board propositions on May 12.

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