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Croatia Pushes Merger of 7 Small Banks, Business.hr Says

Dec. 3 (Bloomberg) -- The Croatian government is pushing for the merger of seven small lenders, Business.hr reported today, without saying how it got the information.

Centar Banka d.d., Vaba d.d., Jadranska Banka d.d., Banka Kovanica d.d. and Croatia Banka d.d. are expected to merge with Karlovacka Banka d.d., which on Nov. 19 merged with Nava Banka d.d., according to the Zagreb-based business news portal.

The central bank in November last year put Karlovacka, Vaba and Nava on watch, saying they are “near” the capitalization limit of 12 percent. The central bank at the same time withdrew the operating license for Credo Banka d.d. for falling below the limit.

More than 90 percent of the country’s banking assets are owned by foreign lenders.

To contact the reporter responsible for the story: Jasmina Kuzmanovic in Zagreb at jkuzmanovic@bloomberg.net

To contact the editor responsible for the story: James M. Gomez at jagomez@bloomberg.net

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