Three investors express interest in Croatian lender HPB's sale

By bne IntelliNews September 17, 2013

A relatively small number of investors have so far expressed interest in the privatisation of Croatia's largest state-controlled lender Hrvatska Postanska Banka (HPB) and these are only Societe Generale Splitska Banka, OTP Bank and Esrste Bank, daily Poslovni dnevnik reported, quoting unofficial information.

According to the report, the finance ministry is unpleasantly surprised that Russia's Sberbank has not responded to the invitation to submit an offer. The government invited in August investors to show their interest in the sale of its 99.13% stake in HPB.

According to Poslovni, the Croatian government is looking to collect at least HRK 3bn (EUR 390mn) from the sale.

HPB’s share capital is divided into 878,764 ordinary shares worth a nominal HRK 966mn (EUR 128mn). Regarding the over 99% stake on offer - the Republic of Croatia controls 51%, state-owned postal operator Hrvatska Posta has 28% and the Croatian Pensions Insurance Institute (HZMO) owns 20%.

HPB's profit rose 18% to HRK 102mn in 2012, while its total assets stood at HRK 17.2bn at the end of last year.

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