September 19 (SeeNews) - Croatian lender Hrvatska Postanska Banka (HPB) [ZSE:HPB-R-A] said it intends to acquire its local peer Jadranska banka.
HPB said in a filing with the Zagreb Stock Exchange on Monday it signed a non-disclosure agreement with Jadranska banka for the launch of due diligence in Jadranska .
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The due diligence process will be conducted for the purpose of a potential acquisition of Jadranska banka, HPB said
HPB will inform the investment community about all further developments, it added.
In February, Croatia's agency for deposit insurance and bank resolution (DAB) invited expressions of interest for the purchase of troubled Jadranska Banka. DAB is selling 4,747,229 ordinary shares, or 100% of the share capital of Jadranska banka valued at 6.7 million euro ($8 million), DAB said back then.
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.
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