PULA, Nov 14 (Hina) - Representatives of Istarska Banka, Dalmatinska Banka and the London-based investment fund "Regent Europe" on Tuesday signed a contract on the strategic linking of Istarska Banka with Dalmatinska Banka and Regent
Europe, which will enable Regent Europe to become the majority owner of Istarska Banka after a general assembly, to be held on December 27.
PULA, Nov 14 (Hina) - Representatives of Istarska Banka,
Dalmatinska Banka and the London-based investment fund "Regent
Europe" on Tuesday signed a contract on the strategic linking of
Istarska Banka with Dalmatinska Banka and Regent Europe, which will
enable Regent Europe to become the majority owner of Istarska Banka
after a general assembly, to be held on December 27. #L#
Regent Europe will become the owner of 87.15 percent of Istarska
Banka indirectly through Dalmatinska Banka d.d. Zadar, whose
majority owner it is. The total investment into Istarska Banka
amounts to 186 million kuna (about DM48.18 million).
This contract will mark the end of months of activities aimed at
rehabilitating Istarska Banka which fell into difficulties last
March.
The contract was signed by the president of the Istarska Banka
management board, Milenko Vidulin, the president of the
Dalmatinska Banka management board, Zdravko Bubalo, and Regent
Europe director David Curl, in the presence of European Integration
Minister and a member of the Croatian Government's working group in
charge of Istarska Banka, Ivan Jakovcic.
"Istarska Banka will continue operating as an independent legal
entity and keep its recognisable name. Regent's investment in
Dalmatinska Banka and indirectly into Istarska Banka is aimed at
developing the bank and increasing its competitiveness on the
market," Vidulin said.
Regent Europe's director David Curl said his company was managing
assets worth US$600 million and invested in securities and real
estate. According to Curl, Regent Europe has already made
investments into the 'Kinematografi Zagreb' film industry,
Dalmatinska Banka and some smaller investments in Zagrebacka Banka
d.d. and the 'Podravka' food industry.
European Integration Minister Ivan Jakovcic said the investment
would resolve the problem of Istarska Banka to the benefit of its
depositors and clients. This contract contributes to the
stabilisation and consolidation of the Croatian banking system, he
said.
(hina) rml