Erste Bank will acquire an additional 10% stake in Slovenska sporitelna (SLSP), its 70%-owned subsidiary, from the Slovak government for EUR 72m. The Slovak government approved the sale yesterday. The acquisition had been expected to také place this year and the price is rather favorable to Erste (we evaluate the stake at EUR 87m). Source: SLSP.
Note that Erste holds a call option to acquire the remaining 20% stake in SLSP from EBRD as of January 1, 2005, and is largely expected to exercise this option.
Jan Hájek, Patria Finance