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ZAGREB (Croatia), October 2 (SeeNews) - Croatian state-controlled lender Hrvatska Postanska Banka (HPB) said on Wednesday it has signed a merger agreement with its wholly-owned subsidiary, local housing savings bank HPB-Stambena Stedionica.
The merger agreement was signed on September 30, following which HPB and HPB-Stambena Stedionica both filed the signed contract with the Commercial Court in Zagreb on October 1, HPB said in a filing with the Zagreb bourse.
Since HPB is the sole owner of the absorbed company, it does not need to convene a special shareholders' meeting on the merger, the statement said.
However, any interested HPB shareholders, whose rights jointly comprise at least a 20% ownership stake, could file a demand for a general assembly within one month.
The shareholders of the targeted company will approve the merger agreement at a general assembly once it obtains the required regulatory approvals.
HPB launched the merging process of HPB-Stambena Stedionica in July, as part of its strategy to develop a sustainable business model and implement business optimization within the HPB Group.
In April, the merger of another Croatian lender - Sibenik-based Jadranska Banka (JABA), into HPB was completed successfully.
HPB has said that the latter 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.