Slovenian Triglav Insurance Company out of the game for HPB and Croatia Insurance

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The government adopted reports, on Friday ,on the conducted analysis and evaluation of submitted non-binding bids for the purchase of shares of the Croatian Postal Bank ( HPB ) and the share of Croatia Insurance ( CO) and selected two bidders who will participate in the further process of privatization of these companies , in the race for HPB remains, OTP Bank and Erste Bank & Steiermaerkische , and for Croatia insurance Adris  group and Polish PZU .

Deputy Minister of Finance ,Boris Lalovac, reported that on  the call for expressions of interest and collecting of  non-binding offer for the acquisition of shares HPB , reported three investors – OTP Bank, Erste & Steiermaerkische Bank and Societe Generale – Split bank and that after that arrived subsequently two non-binding proposal – OTP Bank and Erste Bank & Steiermaerkische , eligible for further participation in the privatization process.

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OTP Bank for 99.13 percent of HPB is  offering price range of 92.2 to 118 million euros, or from  105.84 euros ($ 793.81 kuna) to 135.46 euros (1015.93 kuna ) per share .

Erste Bank & Steiermaerkische turn for 99.13 percent stake offered 130.2 million euros and 149.51 euros ( 1,138 million) per share.

Lalovac  said that both bidders have good capital adequacy, liquidity sufficient own funds and that  behind them is history of  successful transactions acquisitions of banks in Croatia and the region .

He added that the Government expects   binding offer for HPB  within a month.

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