The exit of the Spanish bank from Erste Group – Economy –

Caixabank is linked to the Austrian primary shareholders in a joint agreement. At the end of October, I informed the union leader Erste Stiftung of the planned exit. The foundation said at the time that the union was a “decisive and stable shareholder in the Erste Group” even after the Spaniards left the company with a stake of more than 20 percent.

Caixabank announced that the sale had a positive aggregate effect of €54 million on its income statement. The Spanish bank sold nearly 23.3 million common shares, representing 5.42 percent of the shares, through an accelerated book-building offer at €38 per share. In addition, it canceled equity swaps in respect of the remaining 19.3 million shares, which equals 4.5 percent. It was not clear who acquired the shares.