Slatinska banka reported on Tuesday that the process of acquiring 100% ownership in Wüstenrot housing savings bank has been successfully completed.
Acquisition activities began in the summer of 2022, and in December of the same year, an extensive due diligence was initiated, covering the financial, tax, and legal aspects of the transaction. Subsequently, in May 2024, a binding offer was sent, and a purchase agreement was signed.
Last September, a capital strengthening of the bank was carried out through a recapitalization of four million euros, which was an important step towards closing this deal. Ultimately, the transaction was successfully completed last week, following the process of obtaining consent for the acquisition of a majority stake from the Croatian National Bank (HNB) and the European Central Bank (ECB).
– “With this strategic move, which is also the first acquisition of another credit institution on a commercial basis in the domestic banking market in the past eight years, we confirm our strength and competitiveness as a bank in Croatian ownership, which is also a desirable scenario and partner bank for Wüstenrot housing savings bank,” the statement reads.
Consolidated assets of approximately 600 million euros
Consolidated, the assets of both institutions will be worth approximately 600 million euros, with capital of 50 million euros, a total loan portfolio of 430 million euros, and deposits of 530 million euros.
– “Together we will serve more than 100,000 clients and cover the entire market of the Republic of Croatia,” it was emphasized.
The CEO of Slatinska banka, Andrej Kopilaš, stated that the reasons for this transaction are based on optimistic results and prospects for domestic economic growth and a favorable macroeconomic environment for banking operations, which has recorded faster growth than the European average in recent periods.
– “We recognized and accepted the opportunity for consolidation in the market of smaller credit institutions, and the transaction itself represents a transformational step for Slatinska banka, but also the most desirable scenario for Wüstenrot housing savings bank due to the continuation of the business model. This transaction confirms our long-term dedicated work on improving the bank’s business standards, increasing capital, and achieving synergies that will enable further development, as well as provide a foundation for potential new acquisitions in the future,” emphasized Kopilaš.
At the helm of Wüstenrot housing savings bank remains Zdravko Anđel, who stated that the intention of this acquisition is to revitalize the system and that the housing savings bank fulfills its broader social role to a greater extent than before, considering that the housing savings system is primarily intended for citizens acquiring their own homes.
– “Housing savings is in a way a public-private partnership through which the state can, through market mechanisms, enable that segment of citizens to quickly and easily obtain their own home or property. This transaction was also the wish of the Housing Savings Bank and through it, it has acquired an owner who will enable the fulfillment of goals for the benefit of all citizens in the future,” stated the CEO of Wüstenrot housing savings bank Anđel, as conveyed in the statement.
