December 6 (SeeNews) - Chinese-based CEFC Hainan International Holdings Co. and CEFC Shanghai International Group Limited have lodged a request with Croatia's central bank for prior approval for the acquisition of an indirect qualified holding in local lender Vaba Banka [ZSE:BPBA-R-A], Vaba said on Tuesday.
The two Chinese investors have acquired a 50% stake in J&T Finance Group SE, the sole owner of Czech-based J&T Bank, which holds a 82.55% stake in Vaba, the Croatian bank said in a filing with the Zagreb bourse.
Via this transaction, the Chinese firms have become indirect shareholders in Vaba Banka.
J&T Finance Group Se provides services in the fields of private and retail banking, family office services, portfolio and asset management, financing, and securities trading in the Czech Republic, Slovakia and Russia.
Vaba Banka is one of the smallest banks among the 28 lenders operating in Croatia. The bank's net loss increased to 50.5 million kuna ($7.2 million/6.7 million euro) in 2015, up from 11.9 million kuna a year earlier.
(1 euro=7.53954 kuna)