At its session today, chaired by Governor Dr Željko Rohatinski and attended by Minister of Finance Ivan Šuker, the Council of the Croatian National Bank reviewed recent economic and monetary developments, and adopted the monetary policy projection for the third quarter of 2007. Also considered at the today's session was the application of the German Bayerische Landesbank, Munich (BLB) for an indirect acquisition of a holding exceeding 50 percent in the share capital of Hypo Alpe-Adria-Bank d.d., Zagreb (HAAB) and of Slavonska banka d.d., Osijek, as well as the application of Berlin & Co. Capital S.a.r.l., Luxembourg for the acquisition of a holding exceeding 20 percent in each of the stated banks.
The CNB Council failed to reach a decision by the required two-third majority to either refuse or grant authorisation for the second entry - this time indirect - of BLB as owner into the Croatian banking system. In such circumstances the Governor is empowered to make a final decision. After seeing the outcome of the Council's vote, the Governor notified the Council members that he would adopt a decision to refuse the application for the said approval, even after taking account of all political and other arguments in favour of the application.
Due to its ties with BLB, approval has also not been granted to Berlin & Co Capital S.a.r.l., Luxembourg, which has been established this year and also wishes to acquire qualifying holdings in HAAB and Slavonska banka.
Approval for the acquisition of a holding exceeding 75 percent in the share capital of Partner banka d.d., Zagreb was granted to Božo Čulo, who has so far been an indirect majority owner of that bank. Bausparkasse Wüstenrot AG, Austria obtained approval for the acquisition of a holding exceeding 50 percent in Wüstenrot stambena štedionica d.d., Zagreb.
The CNB Council endorsed the proposal of the supervisory board of Imex banka d.d., Split for the appointment of Čedo Maletić as the chairperson of the management board. Also supported were the proposals that Gabriele Pace remains a member of the management board of Privredna banka Zagreb d.d., and that Zvonimir Jasek be appointed a member of the management board of Vaba d.d. banka Varaždin.
Public statement by Croatian National Bank Governor, Dr Željko Rohatinski, on the decision to refuse the application for approval to Bayerische Landesbank (BLB) for its re-entry into the Croatian banking system - 11 July 2007