July 5 (SeeNews) - Croatia's central bank said it has given its approval to Croatia's Hrvatska Postanska Banka [ZSE:HPB] to acquire a qualifying holding of over 50% in its local peer Jadranska Banka.
The approval was given during the bank's session held on Wednesday.
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Earlier on Wednesday, HPB signed with the country's agency for deposit insurance and bank resolution, DAB, a deal to acquire 100% of Jadranska Banka, under which HPB is obliged to inject 110 million kuna ($17.3 million/14.9 million euro) into the ailing bank.
HPB announced its intention to acquire Sibenik-based Jadranska Banka in September, seven months after DAB invited expressions of interest for the troubled bank. DAB is selling 4,747,229 ordinary shares, or 100% of the share capital of Jadranska Banka valued at 6.7 million euro ($7.8 million), DAB said back then.
Jadranska Banka was founded in 1957.
In 2015 DAB launched a rehabilitation process at the bankafter the lender failed to meet capital adequacy requirements.
(1 euro = 7.39215 kuna)
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