The largest Croatian-owned bank in the country Croatian Postal Bank (HPB), is to be sold off, according to a report by news website Tportal.
The report says that the government will propose that 871,142 shares, which makes up 99.13% of the share capital of the bank, be sold. On the books, HPB is valued at around 1.5 billion kuna (200 million euros), and the government is hoping to make around 2 billion kuna (260 million euros) from the sale, according to the report. HPB’s new owner will enjoy a 4.4% share of the market in Croatia. HPB has improved its business results ahead of its privatisation, last year the bank generated a net profit of 93.1 million kuna (12 million euros), an increase of 5.9% compared to 2011.