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EBRD sells stake in Slovenská sporiteľňa
The EBRD has sold its stake in Slovenská sporiteľňa, the largest bank in the
Slovak Republic, to Erste Bank of Austria. The 1,274.204 shares represented
all of the EBRD’s remaining shares, or 19.99 per cent of total Slovenská
sporiteľňa shares. Exercising a call option Erste Bank paid a preliminary
price of €122,285,000 (some SKK 4.897 billion) and now owns 100 per cent of
Slovenská sporiteľňa shares.
The EBRD acquired its stake in the Slovak bank in 2001 to support Erste Bank’s
efforts to restructure the operations of Slovenská sporiteľňa during the years
immediately following its privatisation. The EBRD’s involvement helped the
strategic investor to implement a reorganisation plan which has developed the
bank into one of the most competitive in the country.
Kurt Geiger, EBRD Business Group Director Financial Institutions, said the
Bank’s longstanding involvement played a critical role in Slovenská
sporiteľňa’s evolution. The EBRD is proud to have contributed in partnership
with Erste Bank to new standards of corporate governance by fostering
transparency, accountability and responsibility. Slovenská sporiteľňa’s record
results show that the bank is well positioned in an increasingly competitive
market.
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