19:12 / 14.04.2022.

Author: Nikola Badovinac

Nova hrvatska banka unveiled by HPB

Nova hrvatska banka

Nova hrvatska banka

Foto: Patrik Macek / Pixsell

The Croatian state-owned bank HPB said on Thursday it had completed the takeover of the Croatian subsidiary of Russia's Sberbank, which will be renamed Nova hrvatska banka (New Croatian Bank).

The central bank, which regulates the banking market, approved the move, which will see the formerly known Sberbank d.d. start operating as Nova hrvatska banka p.l.c., within the HPB Group.

“The completion of the resolution and the merger of the Nova hrvatska banka strengthens the HPB’s future position on the Croatian market,” the HPB said, adding that the resolution was carried out in a short time, the bank has been stabilised and is operating successfully.

“As a new member of the HPB Group, Nova hrvatska banka brings us a significant client base, a complementary portfolio and additional strength for growth and business expansion. After last year’s record result, we are confident that his new synergy will bring new benefits for our clients, shareholders and employees,” said HPB CEO, Marko Badurina.

Tadija Vrdoljak has been appointed president of the management board of Nova hrvatska banka. “The future Nova hrvatska banka is completely stable, we are part of the HPB Group and have all the prerequisites for achieving excellent results,” he said.

The bank’s integration with the HPB is expected to take a year and be completed after Croatia’s adoption of the euro, expected on 1 January, 2023.

Sberbank’s subsidiaries in several central and eastern European countries were taken over by regulators after sanctions on Russia meant that the branches found themselves at risk of default. In early March, central bank’s governor, Boris Vujčić, confirmed that the cost of the takeover was 71 million kuna.

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