CaixaBank sells out stake in Erste Group Bank for €1.5bn

CaixaBank said that it has divested its stake of 9.92% in Erste Group Bank, an Austria-based retail banking company, for a sum of €1.5 billion.

The Spanish banking group sold its interest through a physical settlement of the equity swaps, representing around 19.3 million shares of Erste Group Bank, which is a stake of 4.5%.

The remaining 23.3 million or so shares in the retail banking group, representing a stake of 5.42%, were sold through an accelerated book built offering at a price of €38 per share.

CaixaBank sells out its stake in Austria-based retail banking company Erste Group Bank for €1.5bn. Photo courtesy of Erste Group Bank AG.

CaixaBank said that the sale implies a positive profit and loss (P&L) impact of €54 million gross and an increase in its latest reported CET1 ratio (ex IFRS 9 transitional arrangement) of 16 basis points.