Erste Bank Group stated that it had a capital increase this month. This was after the group's foundation decreased its stake. The capital hike raised net proceeds of around Eur632 million (US$828 million).
The foundation's stake in the bank decreased to 15.1%, Erste stated Thursday. Initially, the foundation held 15.9% stake in the bank. Overall, the foundation now controlled 23.6% from 27.6%, said a spokesman. This figure included its stake in insurance partners and savings bank. The decrease in stake was due to the foundation selling some of its shares. It also did not participate in the capital increase, where Eur661 million worth of shares was issued.
The group also announced Thursday the results of the blocking minority. The blocking minority was held prior to the second stage of capital increase.
Earlier this month, Erste raised about Eur661 million. The funds were used to repay state aid through a two-stage capital increase. This would also prepare the firm's balance sheet to face tougher requirements from regulators.
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