July 16 (SeeNews) - Croatia's Hrvatska Postanska Banka (HPB) [ZSE:HPB] said on Monday it completed the acquisition of local peer Jadranska Banka.
Hrvatska Postanska Banka subscribed a 110 million kuna ($17.4 million/14.9 million euro) capital hike of Jadranska Banka, completing the acquisition of Jadranska, HPB said in a filing with the Zagreb Stock Exchange.
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After the transaction, Hrvatska Postanska Banka controls the entire capital of Jadranska Banka, it added.
Hrvatska Postanska Banka announced its intention to acquire Sibenik-based Jadranska Banka in September, seven months after Croatia's agency for deposit insurance and bank resolution, DAB, invited expressions of interest for the troubled bank.
Back then, DAB said it was selling 4,747,229 ordinary shares, or 100% of the share capital of Jadranska Banka valued at 6.7 million euro.
Croatia's central bank said earlier this month it gave its approval to HPB to acquire a qualifying holding of over 50% in Jadranska Banka.
(1 euro = 7.39573 kuna)
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