Erste targets stake of up to 75% in Polish unit with offer of about 713 zlotys per share
Key Facts
Erste Group set an indicative price of about 713 zlotys per share in its offer to buy additional shares in Erste Bank Polska, a 22.1% premium to the reference price of 584 zlotys per share, according to the group's disclosure on September 25, 2026. The group is targeting an increase in its current 49% stake by up to an additional 26%, in an all-cash transaction. That would put its target ownership above 50%, but no higher than 75%. Erste said the range is consistent with its commitment to maintain a free float of at least 25% of the Polish bank's shares. The offer is part of the group's plan to increase the weighting of its Polish business within its banking operations.
Erste said in its disclosure that the offer is scheduled to begin on November 2, 2026, with the acceptance period starting on November 3. The group had previously said the offer would start in early November, with a 30-day subscription period that could be extended under applicable rules. The transaction is expected to close and settle in December 2026. The announced timetable gives shareholders a defined period to consider the price and participation terms before the subscription period closes. The group said the offer targets additional stakes in the bank, while maintaining a minimum free float of 25%.
Erste plans to fund the offer entirely from internal resources and said it is targeting a Common Equity Tier 1 ratio above 14.25% after completion. That target sets out a stated capital framework for the stake increase, alongside the 75% ownership cap. In its 2025 results, the group recorded net profit of 3.5 billion euros, compared with 3.1 billion euros in 2024. Its Common Equity Tier 1 ratio also rose to 19.3% at the end of 2025. These figures provide the financial backdrop for the internal funding plan, while the targeted ratio after the offer remains below the capital level recorded at the end of the previous year.
The group's initial 2026 outlook, before incorporating results from Poland, pointed to loan growth of more than 5%, an increase in net interest income of about 5%, and an improvement in the cost-to-income ratio to around 47%. After including Poland in the group, Erste expected loans to exceed 285 billion euros and net interest income to exceed 11 billion euros. It also expected reported net profit to come in slightly below 4 billion euros. These estimates provide context for the importance of expanding its stake in the Polish market, whose results will be included in the group's figures under that outlook. In Poland, annual inflation was 4.1% in September 2026, while consumer prices rose 0.7% from August, according to Statistics Poland.