Spainish lender CaixaBank has raised its stake in Austria’s Erste Group Bank from 9.1% to 9.9% by renewing a partnership agreement it started in 2009 with Erste Foundation, which is the main shareholder of Erste Group Bank.
Under the renewed agreement approved by the Austrian regulator, CaixaBank will join the group of stable shareholders of the bank which include a group of savings banks and some of their foundations, and the holding WSW.
The overall stake now held by the entities in Erste Group Bank stands at 30%.
With the renewed agreement, Caixabank becomes eligible, like the other stable partners, to vote in line with the Erste Foundation during election of supervisory board members.
CaixaBank will now be able to appoint a second member to the Erste Group board in the annual general meeting due for 2015.