Austrian BA-CA Completes Sale of Croatian Subsidiary

3. Juli 2006, 00:00

Bank Austria Creditanstalt (BA-CA), owned by Italian bank UniCredit , completed the sale of its Croatian...

Bank Austria Creditanstalt (BA-CA), owned by Italian bank UniCredit, completed the sale of its Croatian subsidiary HVB Splitska Banka to French Societe Generale last Friday. The price of the deal was EUR 1 billion. The sale of HVB Splitska Banka was necessary for anti-monopoly reasons.

HVB Splitska Banka, with a network of 112 branches and a workforce of 1,112, had a balance sheet value of EUR 3.2 billion at the end of 2005. The bank has some 460,000 clients.

BA-CA, which will be responsible for UniCredit business in Central and Eastern Europe (CEE), will assume control of the UniCredit Croatian subsidiary Zagrebacka Banka (ZABA). ZABA, with a balance sheet value of EUR 8.9 billion, is leader on the Croatian banking market with a share of 24 per cent.

The bank has 130 branches with a staff of 4,200 and provides services to 1.2 million clients. UniCredit operates 2,900 branches with a staff of 60,000 in CEE where it has some 17 million clients.
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