Privredna banka Zagreb has concluded the transaction for the purchase of Veneto Bank. According to the announcement on the Zagreb Stock Exchange, PBZ has completed the transaction by acquiring 100 percent of the shares in Veneto Bank.
Namely, just over a year ago, Intesa Sanpaolo, the majority owner of PBZ, acquired certain assets and liabilities of the Italian bank Veneto Banca SpA. Consequently, the Croatian branch of that Italian bank became part of the Intesa Sanpaolo group. Thus, Intesa Sanpaolo operates in Croatia with two units – Privredna banka Zagreb, which has 195 branches across Croatia, and Veneto Bank, with a network of eight branches. Otherwise, PBZ ranks second among 26 Croatian banks by asset value, while Veneto Bank ranks 21st.
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At the beginning of April this year, PBZ announced that as part of the ownership restructuring within the Intesa Sanpaolo Group, it was about optimizing operations and presence in the local market. The consequence of this was the intention to acquire 100 percent of the shares in Veneto Bank in Croatia for a price of 20.5 million euros.
According to data from the Central Clearing Depository (SKDD), the owner of Veneto Bank is still Intesa Sanpaolo, but this will soon change.
