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Croatian lender HPB launches merger of HPB-Stambena Stedionica

Author Iskra Pavlova
Croatian lender HPB launches merger of HPB-Stambena Stedionica Source: Hrvatska Postanska Banka

ZAGREB (Croatia), July 5 (SeeNews) - Croatian state-controlled lender Hrvatska Postanska Banka (HPB) said on Friday it is starting a merging process of its wholly-owned subsidiary, local housing savings bank HPB-Stambena Stedionica.

The move is part of HPB's strategy to develop a sustainable business model and implement business optimization within the HPB Group, it said in a  filing with the Zagreb Stock Exchange.

It gave no further details, saying the public will be notified in due course about the signing of a merger agreement between HPB and its unit and about the finalisation of the process.

In April, the merger of another Croatian lender - Sibenik-based Jadranska Banka (JABA), into HPB was completed successfully.

HPB has said that the transaction was completed within a record time span of eight months and represents the fastest merger of banks in Croatia. It acquired JABA in July 2018.