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Government To Privatize One Of The Last Remaining National Banks In Croatia

At a parliament sitting on Tuesday, the Croatian Government has made the decision to privatize one of the last remaining banks in Croatian hands, Hrvatska Postanska Banka (HPB).

The government will sell a 51.46 stake in the bank and execute recapitalisation through the issuing of new shares through a public or private offering, reports PoslovniPuls.

“The reasons for the Governments decision is because of HPB’s heavy dependency on supplementary capital and its extremely high price, but above all the fact that the strategic question of HPB’s capital has not been solved, even after earlier recapitalization of the bank,” said the Government.

Croatia’s Minister of Finance Slavko Linic said that there were insufficient funds in the budget to recapitalize the bank.

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