EBRD will take a 24.99 per cent stake in Hypo Banka Croatia while Kärntner Landes und Hypotheken-bank (KH) of Austria will take 75.01 per cent in the capital of this newly established Croatian bank. The operation has supported the capitalisation of a new financial intermediary in Croatia which is contributing to increasing competition in the banking sector.
This operation will help to: a) increase availability of funding for the development of the local Croatian economy; b) increase sector competition with the introduction of innovative banking products at competitive prices; c) integrate the Croatian economy within the EU market; d) transfer banking know-how to local staff who will eventually take charge of the local operations.
Hypo Banka Croatia (HBC) has been established to support the development of the local financial institutions sector, with the introduction of high quality banking products and services. HBC is operating as a universal bank and offers to Croatian and foreign customers a complete range of products and via its mother company a network of branches and subsidiaries in southern Austria, north-east Italy, Slovenia and Croatia.
The EBRD has purchased 4,612 newly issued registered shares with a nominal value of HRK 4,000, with a total investment of HRK 18.5 million (ECU 2.7 million equivalent).
HRK 73.8 million (ECU 10.8 million).
This financial intermediary project will have no direct impact on the environment. HBC has agreed to carry out its operations in accordance with the EBRD's "Environmental Procedures for Local Banks". In implementing these procedures, HBC will require its borrowers to comply with Croatian health and safety, environmental and public consultation requirements. HBC will submit an annual environmental report to the Bank.
Technical cooperation funding has been used for the training of HBC staff in environmental procedures.
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