Banco Popolare Croatia has confirmed that the Italian group Banco Popolare will sell its Hungarian subsidiary, but it has dismissed reports by some Italian media that the bank could withdraw from Croatia.
In a statement released on Monday, Banco Popolare Croatia said that according to a recently adopted business plan for the period from 2011 to 2015, it would continue operating in Croatia, as evidenced by the bank's recent recapitalisation.
The bank recalled that in line with decisions adopted by its management and supervisory boards on August 9 and 10, the bank's capital stock was increased by six million kuna, from HRK 82.83 million to HRK 88.83 million.
The bank's equity was increased by Banco Popolare Cooperativa Verona making a cash payment for its interest in the amount of HRK 3,000 per share, or a total of HRK 36 million for all 12,000 new ordinary bank shares.
Officials at Banco Popolare Croatia confirmed that the sale of the bank's Hungarian subsidiary was under way.
The financial paper Il Sole 24 Ore on Sunday reported, without revealing its source, that negotiations between Banco Popolare and a financier from Hungary on the sale of the bank's Hungarian subsidiary were well under way and that the Italian banking group was planning to withdraw from Croatia as part of cost-cutting measures.
