March 17 (SeeNews) - Croatia's competition authority gave the green light to Hrvatska Postanska Banka (HPB) [ZSE:HPB] to acquire the local unit of Russia's Sberbank, Sberbank d.d., HPB said on Thursday.
AZTN said the intended concentration between HPB and Sberbank d.d. is not likely to harm the competition environoment, HPB said in a filing to the Zagreb bourse.
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On 1 March, AZTN received a pre-notification of the planned acquisition under extraordinary procedure of the central resolution authority within the EU Banking Union, related to the sanctions against Moscow imposed by the EU over the Russian invasion on Ukraine.
The European Central Bank warned back then that Sberbank's subsidiaries in Croatia and Slovenia are failing or likely to fail due to worsened liquidity as a result of the reputational impact of Russia's assault on Ukraine.
HPB's shares traded at 915 kuna, down 0.54% on the Zagreb bourse on Thursday afternoon, following significant gains in the previous few trading days.
(1 euro=7.569 Croatian kuna)
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