Erste bank is safe in the knowledge that it will remain Austrian after the chief of Vienna Insurance Group pledged to step in and front the cash in the case of a hostile takeover from an international bank, Austrian Times reported on June 2.
Since 2002 Erste Bank has fended off many takeover bids from large international banks but now Erste boss Andreas Treichl can rely on Vienna Insurance Group (VIG) to come to their aid as a ‘White Knight’ in the event of a hostile bid - according to VIG CEO Gunter Geyer.