5a4f8daab89c437ed4b871.pdf



Ured Uprave

Jurišićeva 4, HR-10000 Zagreb


Press Release


MAJOR SUCCESS OF HPB: 18 PRIVATE INVESTORS PAID IN 306 MILLION KUNA, AND THE STATE PROVIDED 244 MILLION KUNA Zagreb, 29 September 2015 - The capital of Hrvatska poštanska banka has been increased by 550 million kuna and has now reached the figure of 1.2 billion kuna


  • In HPB's recapitalization, private investors showed major interest and participated with the majority share of 305.9 million kuna (56%), and the state with 244.1 million kuna (44%)


  • Private investors almost doubled the amount demanded by the European Commission from HPB in order that the recapitalization may be considered market compliant


  • The share paid in the Bank's capital by private investors exceeds 25%


  • Among private investors the share of the mandatory pension funds stands at 53%


  • Successful recapitalization according to the MEO principle has been implemented along with the process of the Bank's reorganization, market share growth in the retail sector and provision of the approval by the European Commission


Following successful presentation in Brussels and conditional approval of the European Commission, Hrvatska poštanska banka subscribed new shares and completed the process of recapitalization; in the process, the Bank's capital has been increased by 550 million kuna to 1.21 billion kuna.


HPB's recapitalization has been implemented by a public call for the subscription of up to 916,666 new shares in two rounds.


In the first round opened exclusively for the private investors' subscriptions, 305.9 million kuna was paid in, exceeding almost two times the amount of 165 million kuna demanded by the European Commission from the Bank in order that the recapitalization may be regarded market compliant. The European Commission demanded that the participation of private investors should be, in compliance with the Market Economy Operator principle, at least at 30% of 550 million kuna of the new capital.


In the first round 18 investors participated, among which mandatory and voluntary pension funds, UCITS funds, alternative investment funds, insurance companies, economic cooperation funds, companies and natural persons. The largest share in the group of private investors has been contributed by compulsory pension funds - all four compulsory pension funds paid together 163.2 million kuna or 53%, and in the new ownership structure of the Bank they own the share of 13.4 percent.


In the second round, provided that the first round was considered successful, the Croatian government and legal entities founded by the Croatian state were eligible to participate and subscribe new shares. As in the first round 509,852 new shares were subscribed, 406,814 shares remained for the second round and they were subscribed by the state paying 244.1 million kuna. The participation of private investors in the recapitalization stands thus at 56%, and the state's at 44%.


Hrvatska poštanska banka, dioničko društvo Jurišićeva 4, 10000 Zagreb, Hrvatska tel.: 072 472 472 hpb@hpb.hr www.hpb.hr Uprava Banke: Tomislav Vuić, predsjednik Dubravka Kolarić, član Mladen Mrvelj, član Domagoj Karadjole, član predsjednik Nadzornog odbora: Dražen Kobas IBAN: HR46 2390 0011 0700 0002 9 SWIFT: HPBZHR2X OIB: 87939104217 Upis kod Trgovačkog suda u Zagrebu pod br. MBS: 080010698 Temeljni kapital 1.218.754.900,00 kn, podijeljen na 1.107.959 redovnih dionica u nominalnom iznosu 1.100,00 kn (uplaćen u cijelosti)


The final price of one new share has been fixed on the basis of received bids in the first round and is 600 kuna.


The ownership structure of HPB following recapitalization is as follows:


  • new private shareholders 25.2%


  • State Property Management Administration (Republic of Croatia + Croatian Pension Insurance Institute) 51.2%


  • Croatian Post 11.9%


  • State Agency for Deposit Insurance and Bank Resolution 9.0%


  • Fund for Financing the Decommissioning of the Krško Nuclear Power Plant and the Disposal of NEK Radioactive Waste and Spent Nuclear Fuel 2.3%


  • Croatia Airlines 0.1%


  • minority shareholders 0.3%


With the recapitalization completed, Hrvatska poštanska banka exceeds the Croatian National Bank's 14% capital adequacy ratio requirement.


The issue agent for the implementation of the public offering of new ordinary shares of Hrvatska poštanska banka is Privredna banka Zagreb, and HPB will produce a prospectus for the listing of all shares of the Bank on the Official Market of the Zagreb Stock Exchange.


The recapitalization of HPB was prepared simultaneously with the talks in Brussels, and the Bank achieved at the same time excellent business results, as commented by Mr. Tomislav Vuić, President of the Management Board:


«Along with the process of recapitalization and the approval of the European Commission, the reorganization of the Bank's operations was carried out, the retail loan and deposit market shares were increased and the record semi-annual profit realized.'


In the preparation and presentation of the MEO principle compliant Business Plan to the European Commission in Brussels, the HPB's team was assisted by Mr. Goran Horvat of KPMG Croatia, Ms. Marijana Liszt of the Law Firm Posavec, Rašica & Liszt and Mr. Tomica Pustišek of TP Consultum, as well as by the representatives of the Ministry of Finance, Mr. Maroje Lang and Krešimir Dragić. In the process of issuing new shares, the representatives of the State Property Management Administration, Mr. Mladen Pejnović, President, and Mr. Darko Blagović also participated.


'The private capital paid in by 18 private investors, major Croatian companies, financial institutions, legal and natural persons demonstrates the power and the value of our Bank, and the confidence they have in our Business Plan. This success has been highly valued because the approval of the European Commission for the MEO business plan has been granted only to a few banks of the hundreds of them that have applied for such approval. A large portion of professional public thought that HPB could not obtain such approval.


I thank the private investors for their trust, the representatives of the owners of the Ministry of Finance and the State Property Management Administration for their cooperation, the external associates and the issue agent for their excellent job, the colleagues from the Bank for achieving simultaneously excellent business results,


and most of all I thank our clients who supported us during the whole process.', Mr. Tomislav Vuić stressed.


Media Relations

HPB's Office of the Management Board


01 4804 920, 4805 057

pr@hpb.hr www.hpb.hr

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