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.
You can subscribe to our M&A newsletter here
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.
Hrvatska Postanska Banka d.d. is among the biggest banks in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here