Erste Bank Hungary CEO P. Kisbenedek said yesterday that the bank plans to rank No. 5 (at minimum) among Hungarian banks by 2007 and expand both through organic growth and acquisitions. Currently, it is No. 8 and has approx. a 4% market share. Expected.
Separately, Moody’s raised Slovenska sporitelna’s (Erste’s 67%-owned Slovak subsidiary) outlook from stable to positive. The bank sustains Ba1 credit rating.
Also separately, Ceska sporitelna, Erste’s 88%-owned Czech subsidiary, announced it has transferred 70% of its anonymous accounts (they will bear no interest and will be uninsured as of 2003) to other financial products. The bank expects that the transfer revenues and costs will be largely balanced, which is in line with our expectations.
Jan Hajek