Schoenherr advised Erste Group Bank AG ("Erste Group")
on its EUR 500m share buyback, followed by a cancellation of
treasury shares and the reduction of its share capital.
After obtaining necessary authorisations from its shareholders in
May 2024 and subsequently from the European Central Bank in June
2024, Erste Group repurchased 10,398,524 shares (ISIN AT0000652011)
corresponding to EUR 500m during a five-month period on the market.
Subsequently, Erste Group cancelled the respective treasury shares
and, effective 17 December 2024, successfully completed the
reduction of its share capital.
Schoenherr advised Erste Group on all corporate, capital markets
and regulatory aspects of the transaction.
Founded in 1819 as the first Austrian savings bank, Erste Group
went public in 1997 with a strategy to expand its retail business
into Central and Eastern Europe. Since then, Erste Group has grown
to become one of the largest financial services providers in the
Eastern part of Europe in terms of clients and total assets. The
shares of Erste Group are traded on the Vienna, Prague and
Bucharest stock exchanges with a current market cap of EUR
24bln.
The Schoenherr advisory team was led by Sascha Schulz (partner),
who was supported by Roland Misic (associate).
PRESS RELEASE
27 December 2024
Schoenherr Advises Erste Group On EUR 500m Share Buyback And Capital Reduction
Schoenherr Attorneys at Law
Contributor
We are a full-service law firm with a footprint in Central and Eastern Europe providing local and international companies stellar advice. As the go-to legal advisor for complex commercial matters in the region, Schoenherr aims to use its proximity to industry leaders, in developing practical solutions for future challenges. We keep a close eye on trends and developments, which enables us to provide high quality legal advice that is straight to the point.
Schoenherr advised Erste Group Bank AG ("Erste Group") on its EUR 500m share buyback, followed by a cancellation of treasury shares and the reduction of its share capital.