KPMG will advise Croatia osiguranje on privatization

The Ministry of Finance announced today that the offer from KPMG and its partners has been selected as the advisor for the privatization and recapitalization of Croatia osiguranje, requesting 29.4 million kuna including VAT for this job.

In the open public procurement procedure for the services of an advisor for the privatization and recapitalization of Croatia osiguranje, the offer from the consortium of bidders KPMG Croatia from Zagreb, KPMG from Budapest, KPMG from Milan, and Wolf Theiss, Branch Zagreb, was selected, the Ministry stated on its website.

During the review and evaluation of offers, it was determined that the offer from KPMG Croatia and its partners was the most economically advantageous and was assessed as acceptable from both a technical and financial perspective, the Ministry of Finance emphasized.

The price of the selected consortium’s offer amounts to 29,437,500 kuna including VAT, the statement notes.

The Ministry of Finance announced the tender for the selection of an advisor for the privatization and recapitalization of CO on September 20, with the deadline for submitting offers being October 30, during which four offers were received.

Alongside KPMG Croatia and its partners, offers were also submitted by the consortiums Lazard Freres from Paris and Ernst&Young Paris (at a price of 29.02 million kuna), then BNP Paribas and the Croatian partner Interkapital securities (20.8 million kuna), and Deloitte and its nine partners (22.7 million kuna).

The selection criterion applied in this procedure was the most economically advantageous offer, and in addition to the price, the specific experience of the bidders, the adequacy of the plan and methodology, and the qualifications and competence of the proposed staff for this project were also evaluated, the Ministry of Finance emphasized.

The government initiated the process of selecting an advisor for the privatization and recapitalization of Croatia osiguranje in mid-July to sell approximately 50 percent of the ownership stake in this insurance company.