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Erste Croatia withdraws application for Erste Factoring merger

Erste Croatia withdraws application for Erste Factoring merger Author: Radomir Ralev

ZAGREB (Croatia), December 13 (SeeNews) - Croatia’s Erste&Steiermarkische Bank has withdrawn its application to Croatia's central bank for the approval of the absorption of Erste Factoring d.o.o., the bank said.

The application will be re-filed subsequently in accordance with the bank's business plan, Erste&Steiermarkische Bank said in a filing to the Zagreb Stock Exchange on Wednesday.

Erste&Steiermarkische Bank completed the acquisition of a 25% stake in the capital of Erste Factoring and has already received the approval of Croatia's financial services supervisory agency, HANFA, to absorb the company, the lender said.

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 ($3.3 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 = 7.39484 kuna)

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