Schoenherr has advised the Erste Group Bank on a EUR 300 million share buyback followed by a cancellation of treasury shares and the reduction of its share capital.
Erste Group is a financial services provider in Central and Eastern Europe.
According to Schoenherr, "after obtaining the requisite authorization from its shareholders in March 2023 and subsequent approval from the ECB in August 2023, the Erste Group repurchased 8.89 million shares corresponding to EUR 300 million over a six-month period on the market. The company subsequently canceled the respective treasury shares and successfully completed the reduction of its share capital."
The Schoenherr team included Partners Sascha Schulz and Volker Weiss, Counsel Matthias Pressler, and Associate Roland Misic.