BA-CA sells Croatian subsidiary HVB Splitska banka
- The buyer is Société Générale, the French banking group
- BA-CA will assume responsibility for UniCredit Group’s Zagrebačka banka
Bank Austria Creditanstalt (BA-CA), a member of UniCredit Group since November 2005, sells its Croatian banking subsidiary HVB Splitska banka to Société Générale, the French banking group. The agreement was signed on 20 April in Vienna. The transaction is subject to approval by the competent authorities and is expected to be completed by June 2006. The price of the transaction is around EUR 1.0 billion.
HVB Splitska banka has total assets of EUR 3.2 billion, 112 branches and 1,112 employees. At the end of 2005 the bank served more than 460,000 corporate and retail customers.
Sale due to merger control requirements
Under Croatian law, merger control requirements make it necessary to sell HVB Splitska banka. The buyer has been selected on the basis of a tender procedure in line with standard international practises.
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