August 30, 2018 / 8:55 AM / a year ago

Erste Bank aims to buy out small shareholders in Czech unit

PRAGUE, Aug 30 (Reuters) - Erste Group Bank wants to buy out minority shareholders in its Czech lender Ceska Sporitelna to take full control of the profitable unit.

Ceska Sporitelna has been asked by Erste to call a general meeting to vote on the proposal, according to a filing on the Czech bank’s website. Czech daily E15 was the first to report the news.

Ceska Sporitelna has 152 million shares, of which Erste controls 98.97 percent. The rest is owned by Czech towns and municipalities and other small investors. Erste has offered to pay 1,328 crowns per share for the shares it does not own. (Reporting by Jason Hovet Editing by David Goodman)

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