March 2 (SeeNews) - Croatia civil engineering company Institut IGH [ZSE:IGH] decided to close its subsidiary in Russia, it said on Wednesday as the Russian assault on Ukraine entered its seventh day.
"The closure will not impact the Company's further business plans," Institut IGH said in a filing to the Zagreb bourse.
Institut IGH also said it welcomes the takeover of Sberbank d.d., the local unit of Russia's Sberbank, by local lender Hrvatska Postanska Banka [ZSE:HPB].
The takeover of the bank, which was the main bank serving Institut IGH's business, was announced late on Tuesday.
“This solution allows the continuation of the bank's regular operations towards all its clients,” it added.
The Croatian central bank on Monday imposed a two-day moratorium on Sberbank d.d. following European Central Bank's announcement that Austria-based Sberbank Europe controlled by Russia's Sberbank, and its subsidiaries in Croatia and Slovenia, fail or are going to fail due to worsened liquidity as a result of the reputational impact of the Russian invasion of Ukraine.
Intraday on Wednesday, shares of Institut IGH traded at 90 kuna ($13.2/11.9 euro) on the Zagreb bourse, down 3.85%.
(1 euro=7.576 kuna)
Hrvatska Postanska Banka d.d. is among the biggest banks in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here