In line with its strategy of disposing of non-strategic shareholdings, Erste Bank has sold its 11.8% minority stake in the Austrian Investkredit Bank AG to Österreichische Volksbanken AG. The price for this transaction was EUR 123 per share, leading to an after-tax gain of EUR 50m, which will be included in the accounts for 2004. Erste Bank said it plans to use most of this extraordinary gain to provide for optional future revaluations in order to smooth profitability in the coming years. Accordingly, Erste does not expect this transaction to have any material impact on its full year 2004 results. The preliminary 2004 figures will be released on March 14th.