Home » Business » Foreign Banks Take Out €6 Billion From Croatia in Last 5 Years

Foreign Banks Take Out €6 Billion From Croatia in Last 5 Years

eurosSince the start of the global economic crisis in 2008, foreign banks have withdrawn a massive 46 billion kuna (6 billion euro) from their subsidiaries operating in Croatia…

More than 169 billion dollars in total has been withdrawn by banks from their subsidiaries operating in central and southeast Europe and with nearly all banks in Croatia in foreign ownership, the statistic leaves Croatia among the five worst nations with the greatest losses in central and southeast Europe, according to an IMF report.

Hungary were the worst nation, with 37% of the nation’s GDP withdrawn by foreign banks, followed by Lativa (36%), Slovenia (32%), Lithuania (22%) and Croatia (14%). Most foreign banks have been taking their capital out of the country since the crisis and invested it in places they can expect better growth, such as Russia and Turkey.

Share on:
0 / 5 (0 votes)

Sign up to receive the Croatia Week Newsletter

Related Posts

[PHOTOS] Tottenham Hotspur Owners’ Superyacht Anchors in Dubrovnik

British billionaire Joe Lewis, who owns England Premier League club Tottenham Hotspur, has anchored his superyacht in front of Dubrovnik on Croatia’s southern Dalmatian coast. Lewis’ impressive 223-ft megayacht Aviva has caught the attention of locals and tourists since it arrived in the waters around Dubrovnik this week. With an estimated wealth of over $US5.3...

Karlovac County: 10 Things to Check Out

By Iva Ralica So many places to go and not enough time to do so! Nor money some would say. But while driving to the coast, or visiting Croatia in this colder time of year, there are places to see and exciting things to do in ‘hidden’ parts of Croatia. Karlovac County is a large...

Croatian Photographer Wins Prestigious Nikon Contest

Croatian photographer Tomislav Veic has won first prize in the Nikon 100th Anniversary Award. Veic’s photo has beaten 21,000 others from all over the world to win the main award of the prestigious Nikon Photo Contest. Veic’s winning photo, selected from over 21,000 photos from 172 countries, was taken on 10 December in Zagreb when...

Šibenik: 10 Things to Check Out

Šibenik, located on Croatia’s central Dalmatian coast, is a gorgeous city with a rich history and full of interesting sites. The Old Town is a magnificent gem with monuments dating back to the 11th century. For those wishing to explore and experience the city as well as the nature surrounding it, here are 10 interesting...

Croatian Juice Expanding into China

Owners of the Croatian fruit juice brand Juicy have presented their range at one of the biggest and most influential food & hospitality fairs in Asia. Stanić Beverages Hrvatska presented their Juicy products at the SIAL China Fair in Shanghai, which was attended by thousands of potential partners, buyers, and distributors from over 70 countries...