March 22 (SeeNews) - Croatia's majority state-owned Hrvatska Postanska Banka (HPB) [ZSE:HPB] said on Tuesday it will rename to Nova Hrvatska Banka a unit of Russia's Sberbank that it acquired earlier this month.
The new name of Sberbank d.d. will be used until the completion of its integration in HPB, which is expected to take around one year, HPB said in a statement. The expected merger of the two banks is planned after the adoption of the euro currency in Croatia in January 2023, it added.
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HPB bought Sberbank d.d. for 71 million kuna ($10.3 million/9.4 million euro) earlier this month, after the European Central Bank warned that Sberbank's subsidiaries in Croatia and Slovenia are failing or likely to fail due to worsened liquidity as a result of Russia's assault on Ukraine.
HPB's shares traded at 950 kuna on Tuesday afternoon on the Zagreb bourse, up 2.15%.
(1 euro=7.575 Croatian kuna)
Hrvatska Postanska Banka d.d. is among the biggest banks in SEE, for more reference take a look at Top 100 banks