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    EBS   AT0000652011

ERSTE GROUP BANK AG

(EBS)
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Delayed Wiener Boerse  -  05/20 11:36:23 am EDT
29.43 EUR   -1.93%
05/20ERSTE BANK : 20.05.2022 - Announcement according to sec. 174 (2) Stock Corporation Act - Annual General Meeting 2022
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05/20ERSTE BANK : 20.05.2022 - Dividend Announcement - Annual General Meeting 2022
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05/18TRANSCRIPT : Erste Group Bank AG - Shareholder/Analyst Call
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Erste CEO will not renew contract due to conflict on strategy

05/13/2022 | 06:53am EDT
FILE PHOTO: The logo of Erste Group Bank is seen outside of one of its branch offices in Vienna

FRANKFURT (Reuters) - Austria's largest bank Erste Group said on Friday that CEO Bernd Spalt would not renew his contract, which runs until June 30, 2023, due to "differing opinions on the future, long-term strategic orientation of the group".

Erste did not specify what the differences in opinions were.

The bank said its supervisory board would start the replacement process for its CEO after the lender's annual general meeting on May 18, 2022, and Spalt would continue to manage Erste until further notice.

Spalt took over from Europe's longest-serving bank chief executive Andreas Treichl in January 2020, right before the COVID-19 crisis shook markets worldwide.

Erste, which operates in Austria and six eastern European markets including Hungary and Romania, runs no business of its own in Russia and Ukraine and its customers have little exposure to the two countries.

On April 29, the bank reported a solid first quarter and said it was confident about the rest of 2022 thanks to its strong capital and liquidity, though it said growth may slow down as countries in its core region still depend on imports of Russian energy.

(Reporting by Zuzanna Szymanska; editing by Jason Neely)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ERSTE GROUP BANK AG -1.93% 29.43 Delayed Quote.-28.83%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.00% 61.75 Delayed Quote.-17.11%
All news about ERSTE GROUP BANK AG
05/20ERSTE BANK : 20.05.2022 - Announcement according to sec. 174 (2) Stock Corporation Act - A..
PU
05/20ERSTE BANK : 20.05.2022 - Dividend Announcement - Annual General Meeting 2022
PU
05/18TRANSCRIPT : Erste Group Bank AG - Shareholder/Analyst Call
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05/13Erste CEO to Step Down in 2023 Amid Long-Term Strategy Differences
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05/13Erste CEO will not renew contract due to conflict on strategy
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05/13Erste Group CEO Bernd Spalt to Step Down in 2023
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05/13Bernd Spalt Not to Renew Contract as CEO of Erste Group Bank AG, Runs Until 30 June 202..
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04/29Erste Group Bank AG Reports Earnings Results for the First Quarter Ended March 31, 2022
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04/29TRANSCRIPT : Erste Group Bank AG, Q1 2022 Earnings Call, Apr 29, 2022
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04/29Erste 1Q Net Profit Rose 26% Amid Interest Rate Hikes
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Analyst Recommendations on ERSTE GROUP BANK AG
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Financials
Sales 2022 8 206 M 8 657 M 8 657 M
Net income 2022 1 877 M 1 980 M 1 980 M
Net Debt 2022 - - -
P/E ratio 2022 6,66x
Yield 2022 5,90%
Capitalization 11 933 M 12 589 M 12 589 M
Capi. / Sales 2022 1,45x
Capi. / Sales 2023 1,39x
Nbr of Employees 44 692
Free-Float 71,2%
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Mean consensus BUY
Number of Analysts 17
Last Close Price 29,43 €
Average target price 44,24 €
Spread / Average Target 50,3%
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Managers and Directors
Bernhard Spalt Chief Executive Officer
Stefan D÷rfler Chief Financial Officer
Friedrich R÷dler Chairman-Supervisory Board
David O'Mahony Chief Operating Officer
Jan Meindert Homan First Vice Chairman-Supervisory Board
Sector and Competitors