Bloomberg News

Erste Plummets in Vienna as Bank Decides to Keep State Capital

October 10, 2011

Oct. 10 (Bloomberg) -- Erste Group Bank plummeted in Vienna trading after the lender announced it will keep its 1.2 billion euros ($1.6 billion) of state capital for at least one more year as writedowns on its eastern European assets and restatements on derivatives lead to a 2011 loss of as much as 800 million euros.

Erste declined as much as 9.8 percent to 18.67 euros and wa strading at 18.745 euros at 9:08 a.m. in the Austrian capital.

To contact the editor responsible for this story: Zoe Schneeweiss at zschneeweiss@bloomberg.net


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