Project description
and objectives:
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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.
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Transition impact:
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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.
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The client:
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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.
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EBRD finance:
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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).
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Total project cost:
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HRK 73.8 million (ECU 10.8 million).
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Environmental impact:
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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.
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Technical
cooperation:
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Technical cooperation funding has been used for the training of HBC staff in
environmental procedures.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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EBRD contact:
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Andrew McDonald, Operation Leader: mcdonala@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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