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EBS - Erste Bank AG News Story

€17.6 -0.4  -2.5%

Last Trade - 4:35pm

Large Cap
Market Cap £6.70bn
Enterprise Value £3.72bn
Revenue £7.68bn
Position in Universe 126th / 1042

UPDATE 1-Austria's Erste picks internal CEO to follow Treichl in 2020

Thu 13th September, 2018 2:56pm
(Adds detail, quote, background)
    VIENNA, Sept 13 (Reuters) - Austria's Erste Group  ERST.VI 
has picked an internal candidate, Bernhard Spalt, to succeed
Andreas Treichl, Europe's longest-serving bank chief executive,
in 2020.
    Treichl took over as chairman of the management board at
Erste oesterreichische Spar-Casse, the predecessor to Erste
Group, more than two decades ago in 1997. 
    Spalt, chief risk officer of Erste Bank Oesterreich, will
become group deputy chief executive in mid-2019 before
succeeding Treichl in January 2020, Erste said on Thursday.
    Blunt-speaking Treichl, a prime architect of the bank's push
into eastern Europe in pursuit of growth after the fall of the
Iron Curtain, will become chairman of Erste Foundation, which is
Erste Group's largest shareholder.
    "Bernhard Spalt has worked with Erste Group for more than 25
years and has served in numerous board-level positions on
subsidiary and holding company level, ensuring strategic
continuity," Erste Group said in its announcement.     
    Erste operates directly in six eastern European markets,
from the Czech Republic to Serbia and Romania. While it has
grown it has also suffered downturns in the region, particularly
after the global financial crisis. 
    Shares in Erste have risen from less than 9 euros at the
start of 1997 to more than 36 euros today, but they peaked at
more than 57 euros in 2007 before the crisis hit. 

 (Reporting by Francois Murphy; Editing by Michael Shields and
Alexander Smith)
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