Croatia: Building bridges to the future

I cherish memories of supporting Croatian consumer goods company Atlantic Grupa’s acquisition of Slovenian food-processing company Droga Kolinska back in 2010 through a combination of equity and mezzanine financing, with the aim of facilitating corporate expansion, while leveraging business synergies between two regional leaders.

Following that successful transaction, I served as a Supervisory Board member at Atlantic Grupa for more than five years, which provided me with the opportunity to contribute to the corporate strategy of this regional champion, promoting corporate excellence and the highest governance standards.

As Director for Croatia, Slovenia, Hungary and the Slovak Republic from 2013 to 2018, my final role at the EBRD, I was responsible for all aspects of the Bank’s activities in these countries. This included drafting country strategies, generating and executing impactful new financing for private and public companies, as well as supervising the investment portfolio. Together with the relevant policy experts, I engaged in policy reform dialogue with government authorities, especially on market development, improvements in corporate governance in private and state-owned companies, and the expansion of green energy financing.

Memorable moments include receiving the Zagreb Stock Exchange Award on behalf of the EBRD for capital market development, as well as the EBRD Policy Award for the youth initiative I launched in Croatia, gathering together more than 140 private companies to give young people access to their first work experience. I was also pleased that I was able to promote the inclusion of women and people with disabilities through initiatives, policy dialogue and financing arrangements.

During my tenure as the Partner in Charge of Financial Advisory at Deloitte from 2018 to 2021, I had the opportunity to collaborate closely with the EBRD, serving as the key expert on projects endorsed by the European Commission’s Directorate General for Structural Reform Support, namely, the development of sustainable capital markets in Hungary and the activation of non-core assets of state-owned enterprises.

I also worked on several assignments that helped to strengthen the financial management of micro, small and medium-sized enterprises (MSMEs), particularly during the Covid-19 crisis.

The projects I found particularly fulfilling involved establishing environmental, social and governance guidelines for supervisory board members and developing a programme for women on boards.

Since 2021, I have served as a member of the Management Board of Privredna banka Zagreb (PBZ), a member of the Intesa Sanpaolo Group, responsible for business with large and SME clients and investment banking. I also serve as President of the Supervisory Board of PBZ-Leasing.

In my current position, I have had the opportunity to further deepen PBZ’s cooperation with the EBRD, with a strong focus on supporting the growth and climate resilience of the private sector in Croatia. Following the 2024 launch of the EBRD’s risk sharing framework, PBZ and the EBRD came together to support local bakery Pan-Pek. This year, the EBRD and PBZ Leasing entered into a €25 million financing agreement for on-lending to local MSMEs, dedicating a portion of the funds to the leasing of environmentally friendly technologies and equipment.

Our cooperation goes further than that, however, and stretches beyond the borders of Croatia. I am particularly proud of PBZ's participation in the EBRD-led financing of Albania's Karavasta solar farm, owned by France’s Voltalia, which is supporting the development of a new 140 MW power plant in south-western Albania, alongside the International Finance Corporation and Intesa Sanpaolo Albania.

I am also pleased that, through my non-executive role as a member of the Supervisory Board of the Zagreb Stock Exchange, I have been able to endorse the EBRD's initiative to integrate and modernise the capital markets of eight central European countries, attract investment and improve access to financing.

To this end, Croatia will host the headquarters of a new regional integration company, drawing on strong support from the Croatian Ministry of Finance.

My 20 years at the EBRD have enriched me both professionally and personally, not only with broad and varied experience in banking across more than 15 countries, but also with the highest levels of integrity and ethical standards. The fact that I am writing this article is testament to the fact that I will forever see myself as a true believer in the core values of the EBRD.

Vedrana Jelušić Kašić
Member of the Management Board at Privredna banka Zagreb d. d. | Former EBRD Director for Croatia, Slovenia, Hungary and Slovakia