March 8 (SeeNews) - Croatia's central bank has endorsed the merger of Jadranska banka (JABA) into Hrvatska postanska banka (HPB), HPB said.
Under the agreement signed between the two banks, the merger will be finalized by by April 1, HPB said in a statement last week.
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"The merger of JABA into HPB will have positive effects in terms of market efficiency and cost savings, as well as in terms of the increase in number of customers and channels of distribution", HPB noted.
In July, HPB said it subscribed a 110 million kuna ($16.8 million/14.8 million euro) capital increase of Jadranska Banka, completing the acquisition of Jadranska. After the transaction, HPB controls the entire capital of Jadranska Banka.
(1 euro = 7.41719 kuna)
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