“HPB bought Sberbank, announced what the bank will be called in the future: ‘Clients are relieved’
The first reactions of the clients are extremely good, the clients were relieved that everything was resolved in the shortest possible time
The new name of Sberbank Croatia is Nova hrvatska banka. The new brand under which the bank will operate within the HPB Group was announced by the President of the Management Board of Hrvatska poštanska banka, Marko Badurina, they announced.
Today at 12 o’clock the bank opened branches for all clients and continued its regular business. Clients can normally use all financial services, without any restrictions. The first reactions of the clients are extremely good, the clients were relieved that everything was resolved as soon as possible, according to HPB.
By acquiring Sberbank, HPB strengthens its future position on the Croatian market. HPB is one of the leading banks in Croatia, and in 2021 it achieved the best result in 30 years of the bank’s history and a record net profit of HRK 202 million.
Hrvatska poštanska banka (HPB) bought Sberbank Hrvatska for HRK 71 million, and if the liquidation had taken place, the total damage would have reached around HRK 8 billion, which was prevented, CNB Governor Boris Vujčić said on Wednesday.
Rehabilitation procedure initiated
Namely, as the CNB announced last night, the Single Resolution Committee made a decision, in cooperation with the Croatian National Bank (CNB) as the national resolution authority, which initiates the resolution process over Sberbank dd Zagreb, and the new owner of the bank becomes Hrvatska poštanska banka dd
Governor Vujčić pointed out that this process could be achieved only by selling the bank urgently, otherwise it would go into liquidation, and that liquidation would mean the payment of insured deposits, which csts more than 3.8 billion kuna, and would mean that much of the company’s deposits and unsecured deposits would also be lost.
This would be a significant economic damage that can be measured at approximately eight billion kuna. This has been prevented, “Vujcic said at a press conference at the Banski dvori, which was also attended by Prime Minister Andrej Plenković and Deputy Prime Minister and Minister of Finance Zdravko Marić .
He also said that Sberbank has been very successful and good so far, with a capital adequacy of almost 20 percent.
By merging with HPB, we have one very good, highly capitalized, liquid, efficient bank and everyone can be at peace. Deposits are now safe, both for citizens and the corporate sector,” the governor said.
As Vujčić reported, since last Thursday and the introduction of sanctions against Russia by the EU and the USA, citizens and companies have withdrawn more than 200 million euros from the Croatian branch of Sberbank.
The moratorium expired at midnight
Due to this sudden liquidity disruption, the European Central Bank (ECB) announced on Monday that Sberbank dd was “failing or likely to fail”, and informed the Single Resolution Board (SRB), the central resolution authority within the banking union. SRB made a decision on a two-day moratorium on Sberbank’s operations, the moratorium expired last night at midnight, and before its expiration, the decision to initiate the rehabilitation procedure against Sberbank dd was announced.
At the beginning of November last year, Sberbank Europe reported on the sale of its branches in Croatia, Bosnia and Herzegovina, Hungary, Serbia and Slovenia to Belgrade’s AIK Bank, Slovenia’s Gorenjska Bank and Agra Europe Cyprus Limited. Vujčić confirmed that they had contacted AIK Bank, which was already in the process of licensing, but in such extraordinary circumstances there was no possibility to complete the licensing process quickly.
The governor said that “everything is clear” to AIK Bank and that he does not expect any problems on that issue.
Prime Minister Andrej Plenković also said that the liquidation would have negative repercussions for depositors in the bank, the bank itself, but also for the Croatian financial system, given that the Croatian Deposit Insurance Agency (HAOD) would have to pay about 3.8 billion kuna in insured deposits .
He said that the Government and the CNB, in close cooperation, have made maximum efforts and coordinated activities with the Single Resolution Committee to make what happened yesterday happen.
He pointed out that HPB had expressed interest and was ready to “jump in” and take over Sberbank, adding that this automatically calms all savers and that there is no need for anyone to withdraw their funds from Sberbank’s accounts.
“In this way, we have once again shown not only that we reacted politically and in principle, but also financially and economically, prevented the liquidation of the bank, which is in eighth place in terms of market share, and enabled it to continue operating,” said the Prime Minister. , emphasizing, among other things, that Croatia has once again shown its strength, efficiency and speed of solving the problem on its way to the eurozone.
The best solution for Croatia
Minister of Finance Marić also said that the Government stood behind its financial system and its citizens, the bank’s savers, deciding on a timely and decisive move
Together with colleagues from other institutions, they managed to convince the European institutions that this is the best solution for Croatia, and to give the bank a chance to continue to function, he said.
With this transaction, the Deputy Prime Minister stated, the banking portfolio of HPB is being strengthened, and he assessed that this is a good pledge for the future steps of that bank, and a good part of that was achieved with this transaction.
Namely, as Marić pointed out, the current management of HPB received a clear instruction from the majority owner, the state, to find certain reserves within the existing capital structure, in order to strengthen that structure and be ready for market strides.
“And it was done successfully,” Maric said, adding that of course no one could have expected Russia’s aggression against Ukraine to happen.
Same happened in Bosnia.
My buddy still has little hope that he won’t have to pay his debt back lol.
HNB bought a lot of land and infrastructure for pennies, good for them
They have gone postal.
Seriously, Postal bank was involved in huge scandal back in 2000s.They’re like piggybank for ruling mafia party.
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Google translate:
“HPB bought Sberbank, announced what the bank will be called in the future: ‘Clients are relieved’
The first reactions of the clients are extremely good, the clients were relieved that everything was resolved in the shortest possible time
The new name of Sberbank Croatia is Nova hrvatska banka. The new brand under which the bank will operate within the HPB Group was announced by the President of the Management Board of Hrvatska poštanska banka, Marko Badurina, they announced.
Today at 12 o’clock the bank opened branches for all clients and continued its regular business. Clients can normally use all financial services, without any restrictions. The first reactions of the clients are extremely good, the clients were relieved that everything was resolved as soon as possible, according to HPB.
By acquiring Sberbank, HPB strengthens its future position on the Croatian market. HPB is one of the leading banks in Croatia, and in 2021 it achieved the best result in 30 years of the bank’s history and a record net profit of HRK 202 million.
Hrvatska poštanska banka (HPB) bought Sberbank Hrvatska for HRK 71 million, and if the liquidation had taken place, the total damage would have reached around HRK 8 billion, which was prevented, CNB Governor Boris Vujčić said on Wednesday.
Rehabilitation procedure initiated
Namely, as the CNB announced last night, the Single Resolution Committee made a decision, in cooperation with the Croatian National Bank (CNB) as the national resolution authority, which initiates the resolution process over Sberbank dd Zagreb, and the new owner of the bank becomes Hrvatska poštanska banka dd
Governor Vujčić pointed out that this process could be achieved only by selling the bank urgently, otherwise it would go into liquidation, and that liquidation would mean the payment of insured deposits, which csts more than 3.8 billion kuna, and would mean that much of the company’s deposits and unsecured deposits would also be lost.
This would be a significant economic damage that can be measured at approximately eight billion kuna. This has been prevented, “Vujcic said at a press conference at the Banski dvori, which was also attended by Prime Minister Andrej Plenković and Deputy Prime Minister and Minister of Finance Zdravko Marić .
He also said that Sberbank has been very successful and good so far, with a capital adequacy of almost 20 percent.
By merging with HPB, we have one very good, highly capitalized, liquid, efficient bank and everyone can be at peace. Deposits are now safe, both for citizens and the corporate sector,” the governor said.
As Vujčić reported, since last Thursday and the introduction of sanctions against Russia by the EU and the USA, citizens and companies have withdrawn more than 200 million euros from the Croatian branch of Sberbank.
The moratorium expired at midnight
Due to this sudden liquidity disruption, the European Central Bank (ECB) announced on Monday that Sberbank dd was “failing or likely to fail”, and informed the Single Resolution Board (SRB), the central resolution authority within the banking union. SRB made a decision on a two-day moratorium on Sberbank’s operations, the moratorium expired last night at midnight, and before its expiration, the decision to initiate the rehabilitation procedure against Sberbank dd was announced.
At the beginning of November last year, Sberbank Europe reported on the sale of its branches in Croatia, Bosnia and Herzegovina, Hungary, Serbia and Slovenia to Belgrade’s AIK Bank, Slovenia’s Gorenjska Bank and Agra Europe Cyprus Limited. Vujčić confirmed that they had contacted AIK Bank, which was already in the process of licensing, but in such extraordinary circumstances there was no possibility to complete the licensing process quickly.
The governor said that “everything is clear” to AIK Bank and that he does not expect any problems on that issue.
Prime Minister Andrej Plenković also said that the liquidation would have negative repercussions for depositors in the bank, the bank itself, but also for the Croatian financial system, given that the Croatian Deposit Insurance Agency (HAOD) would have to pay about 3.8 billion kuna in insured deposits .
He said that the Government and the CNB, in close cooperation, have made maximum efforts and coordinated activities with the Single Resolution Committee to make what happened yesterday happen.
He pointed out that HPB had expressed interest and was ready to “jump in” and take over Sberbank, adding that this automatically calms all savers and that there is no need for anyone to withdraw their funds from Sberbank’s accounts.
“In this way, we have once again shown not only that we reacted politically and in principle, but also financially and economically, prevented the liquidation of the bank, which is in eighth place in terms of market share, and enabled it to continue operating,” said the Prime Minister. , emphasizing, among other things, that Croatia has once again shown its strength, efficiency and speed of solving the problem on its way to the eurozone.
The best solution for Croatia
Minister of Finance Marić also said that the Government stood behind its financial system and its citizens, the bank’s savers, deciding on a timely and decisive move
Together with colleagues from other institutions, they managed to convince the European institutions that this is the best solution for Croatia, and to give the bank a chance to continue to function, he said.
With this transaction, the Deputy Prime Minister stated, the banking portfolio of HPB is being strengthened, and he assessed that this is a good pledge for the future steps of that bank, and a good part of that was achieved with this transaction.
Namely, as Marić pointed out, the current management of HPB received a clear instruction from the majority owner, the state, to find certain reserves within the existing capital structure, in order to strengthen that structure and be ready for market strides.
“And it was done successfully,” Maric said, adding that of course no one could have expected Russia’s aggression against Ukraine to happen.
Same happened in Bosnia.
My buddy still has little hope that he won’t have to pay his debt back lol.
HNB bought a lot of land and infrastructure for pennies, good for them
They have gone postal.
Seriously, Postal bank was involved in huge scandal back in 2000s.They’re like piggybank for ruling mafia party.