Austria's Erste Bank Agrees To Purchase Bank Prestige

Erste Bank has agreed to purchase the remaining 49.5% stake in Bank Prestige from the bank’s other shareholders for USD 104 mln (P/B 1.75). In July, Erste Bank, Austria’s second-largest lender, paid USD 35.3 mln for 50.5% of Prestige Bank, Ukraine’s #72 bank in terms of assets with USD 83.6 mln as of April 1. Earlier this month Erste said that it was planning to invest roughly USD 300 mln over the next three years to expand Prestige’s branch network.