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ZAGREB (Croatia), November 15 (SeeNews) - The Croatian central bank, HNB, said it has approved the merger of state-controlled lender Hrvatska Postanska Banka (HPB) with its wholly-owned subsidiary, local housing savings bank HPB-Stambena Stedionica.
HNB made the announcement in a statement on its website on Thursday, after a regular meeting of its council. It gave no further details.
The merger agreement between the two banks was signed in late September. HPB launched the merging process in July, as part of its strategy to develop a sustainable business model and implement business optimisation within the HPB Group.
In April, HPB completed the merger of another Croatian lender - Sibenik-based Jadranska Banka (JABA), in a record time span of eight months, saying this was the fastest merger of banks in Croatia. It acquired JABA in July 2018.
Prior to the two mergers, HPB was the sixth largest banks in terms of assets in Croatia at the end of 2018, according to HNB data.