PBZ, owned by an Italian bank, issued a press release on Monday after reports on the deal prompted strong reactions from the Croatian public and politicians.
PBZ said it had concluded similar business arrangements containing more favourable terms and conditions with a number of large Croatian and foreign companies, which were either privately owned or state owned, including media companies, public companies, universities, hospitals, different not-for-profit organisations and societies.
The bank dismissed reports that its agreement with the Italian Union and the Italian community set a precedent.
It is well know that not only in the banking operations but also in trade, it is a common practice to offer products and services under more favourable conditions to major clients with whom overall business relations have been developed, PBZ said.
It went on to say that the agreement was signed with the Italian Union for its members and not for Italians, "which is frequently imputed in the media, as the Union members are also Croatians and many others who are not ethnic Italians".
In this case just as in all other similar cases, the Bank is governed exclusively by commercial interests and any other interest is ruled out, the bank said, adding that the goal of the signed agreement was to increase its share on the bank market in Istria and the city of Rijeka.
"All other implications, motivated by petty politics, are absolutely unfounded and blown out of every proportion," PBZ said.
It said that the procedure for the establishment of creditworthiness is identical for all citizens of Croatia and no other factors can produce any effect on this.