The State is Selling Croatia Bank, Offers Accepted Until July 24

The State Agency for the Protection of Deposits and Bank Rehabilitation (DAB) announced on Monday a call for expressions of interest for the purchase of all shares of Croatia Bank.

"Interested investors are invited to express interest in the purchase of 4,746,000 series A shares, with a nominal value of 100 kuna, which represents 100 percent of the bank’s equity capital," states the announcement on DAB’s website, which is the sole holder of the bank’s shares.

The deadline for expressing interest is July 24 of this year at noon, by direct delivery, registered mail, or email. Documentation marked "Expression of Interest for the Purchase of 100 Percent of Shares of Croatia Bank d.d. – do not open" must be submitted to DAB’s address at Jurišićeva Street 1/II in Zagreb, noting that, according to DAB, the moment of delivery is considered the moment of receipt of the expression at DAB’s headquarters, or in the case of sending via email, the moment when the email entered the information system.

Expressions of interest submitted after the specified deadline will not be considered, DAB officials say, noting that based on the received expressions of interest, a narrower circle of interested investors will be selected and invited for due diligence of the bank and to submit binding offers.

The announcement of this call or the receipt of any expression of interest does not create an obligation for the agency to sell shares nor does it represent a basis for any request or right of the interested investor to fulfillment on any grounds. Additionally, DAB officials note that the call does not represent an offer for the purchase of shares and/or assets of Croatia Bank, but its exclusive purpose is to determine the existence of interest in the purchase of shares.

Under mandatory conditions, it is stated that the interested investor must be a domestic or foreign legal entity, and that the expression of interest must contain basic information about the interested investor along with a description of business activities, financial capability data, proof of legal and business capacity, in the sense of an excerpt from the court register or another appropriate document, and it is necessary to provide contact information, as well as information about the actual owner of the interested investor.

At DAB’s request, the interested investor is obliged to provide additional data and/or documentation, the expression of interest must be signed by an authorized person of the interested investor, or a person to whom this right has been transferred by power of attorney, and it must be submitted in Croatian or English.

A desirable candidate, according to DAB, represents a qualified investor in the sense of Article 2 (e) of Regulation (EU) 2017/1129 of the European Parliament and Council of June 14, 2017. Interested investors are invited to present the basic guidelines of their intention regarding the acquisition of shares and data on the source of financing for the planned transaction, states the call.

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