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Erste CEO says acquisitions unlikely before end-2014
August 5, 2013 / 3:48 PM / 4 years ago

Erste CEO says acquisitions unlikely before end-2014

BUDAPEST, Aug 5 (Reuters) - Austria’s Erste Group Bank is unlikely to make any acquisitions in central eastern Europe before the end of 2014, Erste Chief Executive Andreas Treichl told a Hungarian website investor.hu on Monday.

Treichl said the bank had been interested in Poland, which is a large market and where Erste is only present with a small bank but prices were not attractive there at the moment.

“We will wait until prices go lower. We are not in a hurry to expand,” Treichl was cited as saying in an interview.

“Besides that, we have always been interested in buying a retail bank in Serbia but there only a smaller bank could come up as a potential target.”

Treichl also said that Erste was not planning to exit Hungary despite an unpredictable and difficult business environment there. He added that Erste was not planning to make any acquisitions in Hungary.

“We would only buy another bank in Hungary if we felt the Hungarian government truly recognizes that. But there is no point in expansion if it only exacerbates the problem,” he said.

Reporting by Krisztina Than

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