Erste Bank unlikely to accept takeover offers from competitors
Erste Bank AG, Austria's second-biggest lender, said it's unlikely to accept takeover offers that may be made by competitors looking to enter the eastern European banking market. „Erste will listen to offers from other banks if they reflect the true value of our bank,” spokesman Michael Mauritz said yesterday in an interview, though the Vienna-based lender's supervisory board would be unlikely to accept an offer. Mauritz said that Erste hasn't received any bids. The bank has tapped into higher growth in eastern Europe by acquiring rivals that boost lending revenue. Erste also plans to almost double the number of credit cards it issues in the region by 2008. Erste is targeting at least 40% annual profit growth in Romania once it completes the acquisition of Banca Comerciala RomanaSA, that country's largest lender, this month. (Bloomberg)
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.