On Friday, Erste Bank acquired an additional 2.82% stake in Slovenska sporitelna (SLSP), its Slovak subsidiary, for EUR 14.1 mil., thus increasing its stake in SLSP to 70.01%. The price is favorable to Erste as it corresponds to a price/book multiple of 1.66, while we evaluate SLSP using a target P/BV of 2.36.
Jan Hájek