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

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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   -   Copyright  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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