March 3 (SeeNews) - Croatia's Hrvatska Postanska Banka (HPB) [ZSE:HPB] said on Friday it has signed an agreement to merge its wholly owned local subsidiary Nova Hrvatska Banka (NHB), a former unit of Russia's Sberbank.
“The completed merger-by-acquisition will not result in an increase in the share capital of the bank as the acquiring company,” HPB said in a press release.
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The procedure will result only in the transfer of assets and liabilities of NHB to HPB, while it does not result in changes in the HPB's shareholding structure, the acquiring bank explained. The agreement shall become valid only after Croatia's central bank approves the transaction, HPB added.
The two banks signed the deal on March 1. The procedure is in line with the approval for a formal legal and business merger of NHB granted by HPB shareholders on August 29, HPB said in December.
HPB acquired Sberbank's local unit, Sberbank d.d., in April for a total cash consideration of 71 million kuna ($10 million/9.4 million euro) and renamed it to NHB.
Earlier this week, HPB said it closed 2022 with a consolidated net profit of 962 million kuna, up from 202.6 million euro in 2021, boosted by badwill from the acquisition of Sberbank d.d.
Shares of HPB traded 2.56% higher at 120 euro on the Zagreb bourse intraday on Friday.
($ = 0.941 euro)
Hrvatska Postanska Banka d.d. is among the biggest banks in SEE, for more reference take a look at
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