By Giulia Petroni

Erste Group Bank AG said Monday that it has signed a contract to potentially acquire the active loan portfolio of Russian bank Sberbank's Czech arm in liquidation.

The Austrian bank said Sberbank CZ's active loan portfolio consists of client loans with a total value of around 1.93 billion euros ($1.92 billion). The contract was signed by Erste Group's Czech subsidiary Ceska sporitelna.

A purchase agreement can only occur following approval by the Czech National Bank and the Czech competition authority, according to the bank.

Settlement of the transaction could take place during the first quarter of next year at the earliest.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 07, 2022 12:01 ET (17:01 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
Ersta Group Bank (PK) (USOTC:EBKDY)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Ersta Group Bank (PK) Charts.
Ersta Group Bank (PK) (USOTC:EBKDY)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Ersta Group Bank (PK) Charts.