December 3 (SeeNews) - Croatian state-controlled lender Hrvatska Postanska Banka (HPB) said it has wrapped up the merger of its wholly-owned subsidiary, local housing savings bank HPB-Stambena Stedionica.
The merger which was launched earlier this year was completed on December 2 when it was entered into the Zagreb commercial court's registry, HPB said in a statement on Monday.
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The merger agreement between the two banks was signed on September 30. HPB launched the merging process in July, as part of its strategy to develop a sustainable business model and implement business optimisation within the HPB Group.
In April, HPB completed the merger of another Croatian lender - the Sibenik-based Jadranska Banka (JABA), in a record time span of eight months, saying this was the fastest merger of banks in Croatia. It acquired JABA in July 2018.
According to the latest central bank data, HPB was the sixth largest banks in terms of assets in Croatia at the end of September, prior to the merger with HPB-Stambena Stedionica.
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