Report published September 28, 2026
Erste Group to Launch Tender Offer to Increase Its Stake in Erste Bank Polska by Up to 26%: Goldman Sachs Research Analysis
Goldman Sachs · September 28, 2026
Erste Group announced a voluntary tender offer at ~PLN713 per share to increase its stake in Erste Bank Polska from 49% to up to 75%. Goldman Sachs considers the internally funded transaction structurally positive, estimating it will lift recurring group earnings by c.5% from 2027 with an ROI of c.8%+.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Erste Group announced a voluntary tender offer to increase its current 49% stake in Erste Bank Polska (EBP) by up to an additional 26%, capping ownership at 75%.
- 2.The offer price is ~PLN713 per share (3-month VWAP), representing a c.22% premium over the share price from the initial May 2025 announcement.
- 3.The transaction will be funded entirely from internal resources with a targeted post-offer CET1 ratio exceeding 14.25%, with completion expected in December 2026.
Table of Contents
- Valuation & Key Risks
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| Tender offer price per share | 713 PLN | Offer price based on 3-month volume weighted average price preceding 28 September |
| Offer premium to May 2025 announcement price | 22% | Premium over the share price at Erste Group's May 2025 announcement for initial 49% stake |
| Proposed additional stake in EBP | 26% | Up to an additional 26% stake to increase ownership to maximum 75% |
| Target post-offer CET1 ratio | 14.25% | Erste Group targeted minimum CET1 ratio following offer |
| Recurring group earnings increase | 5% | Estimated lift to group earnings if ownership moves from 49% to 75% |
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