What we do
Erste Group's research team analyzes economies and capital markets with a focus on our Central and Eastern European (CEE) core markets. Based on international know-how and local access to the markets, our focus is on providing clear assessments and unambiguous messages, which should give all of our clients orientation at all times.
In doing so, we focus on three approaches:
- We are the bank that cares about financial health of our customers. Through our research, we aim to provide concrete answers and add value.
- We do this with our data systems and digital applications group-wide and synchronized for private, institutional, corporate clients and internal advisors.
- Our goal is to make financial health a digital experience for all customers.
To this end, Erste Group Research covers key main markets (Eurozone, US) on an ongoing basis and plays a leading role in the investment strategy, which ensures the input for Erste Group's asset allocation. On the other hand, local research units in Poland, the Czech Republic, Slovakia, Hungary, Croatia, Serbia and Romania conduct macro, fixed income, credit and equity analysis via the holding function Austria, with the aim of providing globally active and all other investors with assessments of economies and capital markets, as well as local access.
Who we are
Friedrich Mostböck, CEFA®, CESGA®
Head of Group Research
Fritz Mostböck is head of Group Research and a graduate of the Vienna University of Economics and Business Administration and holds the EFFAS CEFA® and CESGA® diplomas. He is responsible for macro/fixed income, credit and equity analysis in Poland, Czech Republic, Slovakia, Hungary, Croatia, Serbia, Romania and Austria. He is President of ÖVFA (www.ovfa.at) and Deputy Chairman of EFFAS (www.effas.com), the umbrella organization of all analyst associations with 17,000 members in Europe. He is a member of the Austrian Working Group for Corporate Governance.
Juraj Kotian
Head of CEE Macro and Fixed Income Research
Juraj Kotian heads the CEE Macro and Fixed Income Research department and is, together with his team, responsible for macro and fixed income analyses in the CEE region. Since February 2018, he has been a member of the Council for Budget Responsibility in Slovakia.
Katarzyna Rzentarzewska
Chief CEE Analyst
Katarzyna Rzentarzewska analyzes and comments on macroeconomic developments in the CEE region with a focus on the regional view and cross-country analyses. She leads the development of econometric models and new digital initiatives.
Jakub Cery
CEE Analyst
Jakub Cery analyzes predominantly the CEE region's macroeconomic and financial landscape, with focus on Poland, by using quantitative and qualitative methods of analysis. Additionally, he assists with innovations within the team, exploring new methods and tools to improve the user experience of Research publications.
David Navratil
Chief economist, Head of Economic and Strategic Research Ceska Sporitelna
David Navratil is Chief Economist of Ceska Sporitelna and is in charge of economic and strategic research. Together with his team, he analyzes macroeconomics, fixed income, foreign exchange, equities, sector analysis and strategic market analysis.
Jiri Polansky
Macro and Fixed Income Analyst Czech Republic
Jiri Polansky analyzes the Czech economy, including monetary and fiscal policy and bonds. He is also responsible for forecasting and developing economic models.
Michal Skorepa
Macro and Fixed Income Analyst Czech Republic
Michal Skorepa analyzes the economic and financial markets in the Czech Republic. He focuses on monetary and fiscal policy as well as the banking sector of the country.
Alen Kovac
Chief economist, Head of SEE Macro and Fixed Income Research
Alen Kovac heads the SEE Macro and Fixed Income team and is Chief Economist of Erste Bank Croatia. He is also responsible for equity and sector analysis in Croatia.
Mate Jelic
Analyst SEE
Mate Jelic analyzes the markets of Serbia, Bosnia-Herzegovina, Northern Macedonia and Montenegro. He is responsible for the assessment of current macroeconomic developments and the assessment of developments in the financial markets of these countries.
Ivana Rogic
Analyst SEE
Ivana Rogic-Kovac analyzes the SEE region in terms of macroeconomic, external, fiscal and generally relevant factors for SEE markets, with a focus on Croatia and Slovenia.
Orsola Nyeste
Senior-Analyst Hungary
Orsolya Nyeste analyzes and forecasts various macroeconomic factors and the development of interest rates and exchange rates in Hungary. She also supports the forecasting of credit market developments.
Janos Nagy
Analyst Hungary
Janos Nagy analyzes and forecasts various macroeconomic factors and the development of interest rates and exchange rates in Hungary.
Maria Valachyova
Chief economist, Head of Research SLSP
Maria Valachyova is Chief Economist and heads the research department of SLSP, which deals with macroeconomic development and the banking market in Slovakia as well as investor relations. The department also conducts customer surveys and market research in SLSP.
Matej Hornak
Macro and Fixed Income Analyst Slovakia
Matej Horňák focuses on the macroeconomic development of the Slovak economy. He graduated from the University of Economics in Bratislava with a focus on economic policy design. During his studies, he worked as research assistant at Industriewissenschaftliches Institut in Vienna and in February 2020 he joined Slovenská sporiteľňa.
Marian Kocis
Macro and Fixed Income Analyst Slovakia
Marian Kočiš focuses on macroeconomic and strategic analysis within the Slovak economy and banking sector. He has experience and expertise in investment and deposit products. Since the beginning of 2023, he has been part of the analytical team at Slovenská sporiteľňa.
Ciprian Dascalu
Chief Economist, Head of Research BCR
Ciprian Dascalu heads macro and fixed income research covering Romania at BCR. He is also coordinating equity and sectorial research, with a special focus on banking market.
Florin Eugen Sinca
Analyst Romania
Florin Eugen Sinca analyzes the macro and fixed income sector in Romania. He publishes regular assessments of economic data and sector reports of selected Romanian companies.
Vlad Nicolae Ionita
Analyst Romania
Vlad Nicolae Ionita analyzes local macroeconomic developments in Romania and the development of the financial market. He is also involved in the development and improvement of BCR forecasting models.
Ioana Birlan
Analyst Romania
Ioana Birlan analyzes Romania’s macroeconomic landscape, focusing on forecasting, econometrics, and the financial market. She contributes to the development and enhancement of BCR’s forecasting models.
Rainer Singer
Head of Major Markets & Credit Research
Rainer Singer heads the Major Markets & Credit Research department and is, together with his team, responsible for the analysis and assessment of the economy and financial markets in the Eurozone and the US. In addition to forecasting economic growth and inflation, he publishes assessments of the future development of monetary policy, bond, equity and currency markets in the Eurozone and the US. Asset classes analyzed include government bonds, credit markets (SSAs, covered bonds/financials, corporate bonds) and global equities.
Gerald Walek, CFA®
Economist Eurozone
Gerald Walek analyzes economic and political developments in the euro area and provides forecasts on GDP and inflation. Another focus of his work is the observation of economic developments in the largest emerging markets outside Europe (especially China, India, Brazil and Russia). He is also responsible for the ongoing analysis and assessment of the EURCHF and EURYEN currency pairs.
Maurice Jiszda, CEFA®, CFDS®
Senior Economist USA
Maurice Jiszda analyzes the development of the US Federal Reserve Bank's monetary policy as well as political and economic developments in the USA. His work also focuses on forecasting GDP and inflation in the USA and analyzing the US and German government bond markets. He is also responsible for the ongoing analysis and assessment of the EURUSD and EURCHF currency pairs.
Maximilian Möstl
Credit Analyst Austria
Maximilian Möstl analyses and forecasts key economic data for the Austrian economy, such as gross domestic product, inflation and the unemployment rate. His work also focuses on assessing Austria\'s credit quality and the risk premiums of Austrian government bonds.
Carmen Riefler-Kowarsch
Analyst Covered Bonds & Financials
Carmen Riefler-Kowarsch analyzes credit-specific topics in the Austrian banking and covered bond market. She monitors a broad range of secured and unsecured bank liabilities with a special focus on covered bonds. She also prepares issuer profiles for selected banks in Austria and CEE.
Heiko Langer
Analyst Covered Bonds & Financials
Heiko Langer analyzes credit-specific developments in the banking sector in the core region of Erste Group (AT + CEE), especially with regard to regulatory issues. In addition, he analyzes a broad spectrum of bank liabilities ranging from covered bonds to unsecured debt instruments to subordinated instruments and prepares issuer profiles for selected banks in Austria and CEE.
Ralf Burchert, CEFA®, CESGA®
Agency Analyst Sub Sovereign Agencies, local authorities
Ralf Burchert analyzes the credit quality of Austrian provinces and of companies in Austria and the CEE region that perform tasks in the common interest on behalf of the state. These are mainly infrastructure companies and local authorities, especially in provinces such as Asfinag, ÖBB or BIG.
Peter Kaufmann, CFA®
Senior Analyst Corporate Bonds
Peter Kaufmann analyzes the euro corporate bond market and derives investment recommendations for the individual segments. The regular assessment of the credit quality of issuers from various sectors in Austria and CEE are further focal points of his work.
Bernadett Povazsai-Römhild, CEFA®, CESGA®
Analyst Corporate Bonds
Bernadett Povazsai-Römhild analyzes the credit quality of companies from various sectors in Austria and CEE. She also focuses on the EUR corporate bond primary market and the borrower\\\'s note loan market.
Elena Statelov, CIIA®
Analyst Corporate Bonds
Elena Statelov analyzes developments in the euro corporate bond markets and derives segment-related recommendations. A further focus is the compilation of issuer profiles of selected companies from various sectors in Austria and CEE.
Hans Engel
Senior Analyst Global Equities
Hans Engel analyzes the stock markets of the most important developed regions (e.g. the US and Europe) and the BRIC nations Brazil and Russia, as well as shares of globally significant companies. In addition, he deals with the economic development of important global industries in detail.
Stephan Lingnau
Analyst Global Equities
Stephan Lingnau analyzes the development of global equity markets and industries. In addition, he analyzes global equities. Another focus of his work is on innovative quant- analytics.
Stefanie Riedmüller
Digital Distribution
Stefanie Riedmüller is responsible for the digital distribution of research reports and the implementation of corporate design guidelines. In particular, she is responsible for the design, maintenance, optimization and further development of the research website and the customer-specific distribution of research reports. She also works on AI applications for research distribution.
Henning Eßkuchen
Head of CEE Equity Research
Henning Eßkuchen heads the CEE Equity Research department and is, together with his team, responsible for the detailed analysis of stock exchanges (listed companies and sectors) in Austria, Poland, Hungary, the Czech Republic, Romania, Serbia, Croatia, Turkey and Slovenia. He is a member of the EFFAS Arbitration Board.
Christoph Schultes, CIIA®
Chief Analyst CEE Equity
Christoph Schultes is Chief Analyst of the CEE Equity Team and is responsible for the detailed analysis of the Austrian equity market. As a sector analyst, he specializes in real estate with a focus on Austria and also analyzes various Austrian listed companies.
Thomas Unger, CFA®
Equity Analyst Banks & Insurance Austria/CEE
Thomas Unger analyzes listed companies from the financial sector (banks/insurance companies) in Austria and CEE. In this capacity, he examines individual companies as well as the sector as a whole.
Michael Marschallinger, CFA®
Equity Analyst Austria
Michael Marschallinger analyzes ATX companies from the industrial, building materials and automotive supply sectors.
Nora Nagy
Equity Research Analyst, Sector Telecom CEE
Nora Nagy covers telecom titles listed on markets across the CEE region and Turkey.
Daniel Lion, CIIA®
Equity Analyst Industry & Technology Sector CEEE
Daniel Lion analyzes companies from Austria and CEE with a focus on the sectors of technology (semiconductor industry and intelligent transportation) and industry (construction and construction-related companies).
Vladimira Urbankova
Equity Analyst Healthcare Sector CEE
Vladimira Urbankova analyzes pharmaceutical stocks in the CEE region as well as selected Austrian issuers in the fields of biotech, chemistry, consumption and services.
Martina Valenta
Equity Analyst Austria
Martina Valenta primarily analyzes the Austrian market, with a special focus on real estate, but also deals with other industries.
Petr Bartek
Head of Equity Research Czech Republic
Petr Bartek heads the Equity Research department in the Czech Republic and, together with his team, analyzes the stock market in the Czech Republic and also acts as a sector analyst for utilities.
Jan Bystřický
Equity Analyst Czech Republic
Jan Bystřický analyzes companies listed on the Prague Stock Exchange.
Jozsef Miro
Head of Equity Research Hungary
Jozsef Miro heads the Equity Research department in Hungary and, together with his team, analyzes the Hungarian equity market. In this role, he develops a strategy for the Hungarian market and also analyzes individual Hungarian companies.
Andras Nagy
Equity Anaylst Hungary
Andras Nagy analyzes Hungarian companies listed on Budapest Stock Exchange.
Tamas Pletser, CFA®
Equity Analyst Oil & Gas Sector CEE
Tamas Pletser analyzes the oil & gas sector and the development of listed companies in this sector with listings in Poland, the Czech Republic, Austria, Hungary, Turkey, Serbia, Croatia and Romania.
Cezary Bernatek
Head of Equity Research Poland
Cezary Bernatek heads the Equity Research department in Poland and, together with his team, analyzes the stock market in Poland. In particular, real estate, logistics and automotive sectors listed on the Warsaw market.
Piotr Bogusz
Equity Analyst Technology Sector Poland
Piotr Bogusz analyzes companies in the technology sector listed on the Warsaw market.
Jakub Szkopek
Equity Analyst Industry & Chemicals Poland
Jakub Szkopek analyzes companies from the sectors of industry and chemicals listed on the Warsaw market..
Lukasz Janczak
Equity Analyst Banks & Insurance Sector Poland
Lukasz Janczak analyzes companies listed on the Warsaw Stock Exchange in the financial sector (banks/insurance companies).
Krzysztof Kawa
Equity Analyst Consumer Products & Services Sector Poland
Krzysztof Kawa analyzes companies listed on the Warsaw Stock Exchange in the Consumer Products sector.
Mladen Dodig
Equity Analyst Serbia
Mladen Dodig analyzes the Serbian financial market, offers institutional clients an overview of the market and answers enquiries about companies listed on the Belgrade Stock Exchange. He also reports on macroeconomic and political developments in Serbia.
Boris Pevalek, CFA®
Equity Analyst Croatia
Boris Pevalek analyzes developments in the Croatian equity market and companies listed on the Zagreb Stock Exchange.
Marko Plastic
Equity Analyst Croatia
Marko Plastic analyzes the Croatian stock market. He also analyzes individual Croatian stocks.
Bruno Barbic, CFA®
Equity Analyst Croatia
Bruno Barbic analyzes the Croatian stock market. He also analyzes individual Croatian stocks.
Davor Spoljar, CFA®
Equity Analyst Croatia
Davor Spoljar analyzes the Croatian stock market. He focuses on companies in a wide range of sectors (shipping, construction, food, automotive and chemicals).
Ilie Pascaluta
Equity Analyst Romania
Ilie Pascaluta analyzes developments in the Romanian equity market and companies listed on the Bucharest Stock Exchange.
Caius Rapanu
Equity Analyst Romania
Caius Rapanu analyzes the Romanian stock market with a special focus on the local utility sector.
Your direct line to research
Contact
Nadja-Corinna Kessel
Assistant Group Research
Phone: +43(0)50100-19543