Croatian National Bank Council decided today in Zagreb Commercial Court to submit a proposal for the opening of bankruptcy proceedings in Centar banka dd Zagreb , says the CNB from which point out that this decision was taken after it was found to be absent the recapitalization of Center Bank in accordance with the decisions of the general assembly of 16 August.
As stated, the Council adopted a decision pursuant to Article 273 and 274 Credit Institutions Act and Article 42 Law on the Croatian National Bank, and was adopted today at 13.25 pm.
CNB Council ‘s decision on bankruptcy has brought after it was established that absent of recapitalization of Center Bank in accordance with the decision of the Shareholders’ Meeting of 16 August 2013th year, which the bank has failed to fulfill the solution of CNB. The capital increase , with significant changes in bank management , credit and other risks in its business , it was a necessary precondition for the legality of the bank and thus to continue its normal course of business , stand out from the central bank.
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CNB recalls that the Czech J & T Bank filed CNB 30th August 2013th request for prior approval for the acquisition of qualifying amount of stakes of more than 50 per cent of the share capital of Bank Center.
Pursuant to that request , the Council has issued on 2nd September at 14.15 hours the decision to J & T Bank to issue the required approval provided that the recapitalization is implemented in accordance with the decision of the general assembly of the bank .
