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EBS - Erste Bank AG News Story

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Sector
Financials
Size
Large Cap
Market Cap £7.11bn
Enterprise Value £4.17bn
Revenue £7.55bn
Position in Universe 120th / 1033

MEDIA-Erste Group CEO forecasts rise in defaults next year - Kurier

Sat 13th June, 2020 11:35am
** Austrian bank Erste Group  ERST.VI  Chief Executive 
Bernhard Spalt tells Kurier newspaper in an interview published
on Saturday:
    ** He expects a clear rise in loan defaults and more
insolvencies only next year given state aid programmes this year
to help companies handle the coronavirus crisis. He does not see
the pandemic leading to a financial crisis
    ** The crisis offers Erste more opportunities to expand as
entry prices fall. "If there is something interesting to buy, I
would be very interested," he says, adding Poland "remains in
focus"
    ** Disagrees with European regulators' call for banks to
delay paying out dividends until 2021. "We are in a very
comfortable capital situation and if the crisis plays out as
(expected) there is really no reason to exclude a dividend
payment completely. How high is something to decide in
November."
    ** Erste is sticking to previous cost-cutting goals, but
would not use the crisis for a new job-cutting scheme, instead
focusing on travel, consulting and marketing costs.

    -- Note: Reuters has not verified this story and does not
vouch for its accuracy
    
For the original story in German behind a paywall click here: [https://kurier.at/wirtschaft/erste-group-chef-spalt-wirtschaftliche-erholung-geht-von-europa-aus/400938926
]

Further company coverage:  ERST.VI 

 (Reporting by Zurich Newsroom;
Editing by Alexander Smith)
 ((+41 58 306 7336)(zurich.newsroom@thomsonreuters.com))
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