Erste Group Eyes Active Loan Portfolio of Sberbank's Czech Arm
November 07 2022 - 12:16PM
Dow Jones News
By Giulia Petroni
Erste Group Bank AG said Monday that it has signed a contract to
potentially acquire the active loan portfolio of Russian bank
Sberbank's Czech arm in liquidation.
The Austrian bank said Sberbank CZ's active loan portfolio
consists of client loans with a total value of around 1.93 billion
euros ($1.92 billion). The contract was signed by Erste Group's
Czech subsidiary Ceska sporitelna.
A purchase agreement can only occur following approval by the
Czech National Bank and the Czech competition authority, according
to the bank.
Settlement of the transaction could take place during the first
quarter of next year at the earliest.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 07, 2022 12:01 ET (17:01 GMT)
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