September 20 (SeeNews) - Croatia’s Erste&Steiermarkische Bank has received the approval of the country's financial services supervisory agency, HANFA, to absorb Erste Factoring d.o.o., HANFA said in a filing to the Zagreb bourse on Thursday.
The regulator provided no further details in the filing.
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In July, Erste&Steiermarkische Bank said it is acquiring a 25% stake in Erste Factoring d.o.o. worth a nominal 21.25 million kuna ($3.4 million/2.9 million euro) from Erste Group Bank AG.
Erste&Steiermarkische Bank said at the time that it plans to absorb the factoring unit following the acquisition and subject to approval from Croatia's financial regulator and the country's central bank.
Austria-based Erste Group Bank AG holds a 59.02% stake in the Croatian bank, while the remainder is owned by Austria's Steiermaerkische Bank und Sparkassen AG.
(1 euro=7.40028 kuna)
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