December 18 (SeeNews) - Croatia's Podravska Banka [ZSE:PDBA] said it plans to repurchase own shares representing no more than 5% of its share capital.
The proposal will be put to the vote at the bank's extraordinary shareholders meeting scheduled for January 21, Podravska said in a statement last week.
If approved, the decision will give the management 24 months to carry out the planned share buyback.
The bank's shares last traded on the Zagreb Stock Exchange (ZSE) on November 8, closing flat at 200 kuna ($30/27 euro).
Podravska Banka was the eleventh largest lender in terms of assets in Croatia at the end of September, when a total of 20 banks operated in the country. Its share in the Croatian banking system's total assets stood at 0.8%, according to central bank figures.
As of December 18, Italy's Assicurazioni Generali was the largest single shareholder in Podravska with a 9.54% stake, followed by Italy's Cerere with 9.53% and Croatian individual Miljan Todorovic with 8.33%, ZSE data showed.
(1 euro = 7.44908 kuna)