Tesla Savings Bank Facing Change of Ownership

Shareholders of Tesla Savings Bank, who collectively hold a majority ownership stake, have decided to sell their shares to a foreign investor, who is currently in the process of obtaining approval from the Croatian National Bank, said Zvonko Agičić, the CEO of Tesla Savings Bank, today for Hina.

Agičić stated that shareholders were informed about the process of the share sale at today’s general assembly. Specifically, as he explains, the two largest shareholders – the Development Fund of Serbia with 29.12 percent and the Development Fund of the Autonomous Province of Vojvodina with 25.96 percent of the bank’s shares – had previously made the decision to sell their shares to an investor from among financial institutions from the European Union.

Agičić mentioned that this investor, whose name he cannot yet disclose, wishes to acquire a qualified, that is, a majority ownership stake in Tesla Savings Bank.

It is expected that through capital increases in two installments of 10 million euros each, the bank’s equity capital will be raised from 37 to 190 million kuna, says Agičić.

He adds that the investor has requested the necessary permits from the Croatian National Bank to enter Tesla Savings Bank.

Agičić did not wish to comment on the position of the current chairman of the Supervisory Board of Tesla Savings Bank, Member of Parliament Milorad Pupovac, following yesterday’s initiation of a procedure to determine a conflict of interest before the competent parliamentary Committee, due to Pupovac’s simultaneous status as a state official and chairman of the Supervisory Board. He stated that the members of the Supervisory Board are appointed by the shareholders and that this will remain the case after the sale of shares and the capital increase.

The general assembly of Tesla Savings Bank today accepted the reports of the Management and Supervisory Board on operations in 2012 and granted them discharge, while shareholders were also informed about the progress of the share sale process.

The loss of Tesla Savings Bank, which holds a share in the Croatian banking sector measurable in per mille, amounted to 5.9 million kuna last year, which, according to the assembly’s decision, will be carried over to the next period and will be covered by future operations.