February 15 (SeeNews) - Croatia's agency for deposit insurance and bank resolution (DAB) has invited expressions of interest for the purchase of troubled lender Jadranska Banka.
DAB is selling 4,747,229 ordinary shares, equivalent to 100% of the share capital of Jadranska Banka valued at 6.7 million euro ($7.1 million), DAB said in a public notice published on Tuesday.
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DAB noted that bidders should be credit institutions registered in Croatia or the European Economic Area with an adequate credit rating, appropriate in size and with the capacity to either acquire or absorb Jadranska Banka.
The deadline for the submission of bids is March 8.
After receiving the expressions of interest, DAB will put together a short list of potential investors and invite them to conduct due diligence.
Jadranska Banka, based in Sibenik, was founded in 1957. DAB launched a rehabilitation process at the bank in 2015 after the lender failed to meet capital adequacy requirements.
($=0.947852 euro)