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CaixaBank Sells Entire 9.92% Stake in Erste Group Bank for EUR1.5 Bln

Dow Jones Newswires · Nov 5, 2021 02:31

By Olivia Bugault

CaixaBank SA said Friday that it has sold its entire 9.92% stake in Austria's Erste Group Bank AG for 1.5 billion euros ($1.73 billion).

The Spanish bank said the disposal will have a positive gross profit and loss impact of EUR54 million, while its common equity Tier 1 ratio--a measure of capital strength--will increase by 16 basis points.

The company said a 5.42% stake was sold at EUR38 a share via a share placing, while the other 4.5%, roughly 19.3 million Erste Group shares, was offloaded through the settlement of equity swaps.

CaixaBank said last month that it was considering the sale of its full stake in the Austrian lender.

Write to Olivia Bugault at olivia.bugault@wsj.com

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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