At least six banks in Croatia are currently recapitalising or are planning to recapitalise - Raiffeisenbank, Vaba, Karlovacka, Istarsko-kreditna, Banka Splitsko-dalmatinska and Credo Banka. It is estimated that the total consolidated capital of these banks would exceed HRK 1.05 billion. Raiffeisenbank Zagreb announced the highest recapitalisation. They would increase consolidated capital by issuing 873,240 regular shares with a total value of HRK 873.24 million, with a nominal value of HRK 1,000 per share. Varazdin-based Vaba bank would also conduct recapitalisation worth about HRK 40 million. The increase of the consolidated capital would be conducted through a public offer of shares at the Varazdin Stock Exchange during this month. The remaining four banks intend to recapitalise by the end of this or during next several years, aiming to expand their businesses. Recapitalisation of Istarska kreditna bank is one of the banks strategic development goals for the year 2006-2010. The bank is initiating recapitalisation in order to expand business cooperation with large, quality clients, while this process should be completed in within the next year and a half. It was recently announced that Karlovacka bank also plans to conduct recapitalisation. "We are definitely initiating recapitalisation of the bank. We first need to start talks with potential investors in order to select the adequate amount of the possible recapitalisation. The amount of new recapitalisation will be at least 50 above the value of the (banks) consolidated capital, which currently stands at HRK 77.5 million," explained the head of the bank, Sandi Sola. Just for reminders, other four or five smaller banks in Croatia, like Banka Brod, Banka Kovanica, Nava (which was recently acquired by Concern Agram) or Primorska Banka have a consolidated capital of mere HRK 40 million. This is the lower limit of acceptable amount of consolidated capital allowed according to the Law on banks.