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Erste Group sets aside up to 230 million euros for lost legal case in Romania

Erste Group sets aside up to 230 million euros for lost legal case in Romania
FILE PHOTO: The logo of Erste Group Bank is seen outside of one of its branch offices in Vienna, Austria, September 27, 2016. REUTERS/Leonhard Foeger -
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Leonhard Foeger(Reuters)
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VIENNA (Reuters) – Austrian lender Erste Group said it would set aside up to 230 million euros (£205 million) as a result of a Romanian High Court decision in relation to business activities of its local building society BCR.

“Despite this significant negative one-off effect, Erste Group maintains its outlook for the 2019 financial year – the achievement of a return on tangible equity of above 11%,” the bank said on Tuesday.

(Reporting by Kirsti Knolle; Editing by Michelle Martin)

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