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CRO GOVT SELECTS ADVISOR BANKS FOR PRIVATISATION OF THREE BANKS

ZAGREB, Feb 11 (Hina) - Croatian Prime Minister Zlatko Matesa on Thursday informed members of the Croatian Government of the successfully completed bid for advisor services in the privatisation of three Croatian banks - Privredna Banka Zagreb, Splitska Banka, and Rijecka Banka. The three banks have successfully completed the process of financial reconstruction, and the State Agency for Financial Reconstruction of Banks has announced the international public bidding for advisor services in the process of privatisation. Twenty-one international investment banks have submitted their bids, invited in line with the World Bank standards. Six potential advisors had been selected in the first round, and the final selection for each bank was made several days ago. By selling and recapitalising banks we want to enable them to function more successfully and to contribute to the overall economic develo
ZAGREB, Feb 11 (Hina) - Croatian Prime Minister Zlatko Matesa on Thursday informed members of the Croatian Government of the successfully completed bid for advisor services in the privatisation of three Croatian banks - Privredna Banka Zagreb, Splitska Banka, and Rijecka Banka. The three banks have successfully completed the process of financial reconstruction, and the State Agency for Financial Reconstruction of Banks has announced the international public bidding for advisor services in the process of privatisation. Twenty-one international investment banks have submitted their bids, invited in line with the World Bank standards. Six potential advisors had been selected in the first round, and the final selection for each bank was made several days ago. By selling and recapitalising banks we want to enable them to function more successfully and to contribute to the overall economic development, Matesa stressed. The companies invited for negotiations on concluding the contracts on advisor services are ABN AMRO Corporate Finance Ltd London (for the Privredna Banka Zagreb); DELOITTE & TOUCHE + HSBC Investment Banking (for the Rijecka Banka) and DAIWA EUROPE for the Splitska Banka. The State Agency for Financial Reconstruction of Banks informed the Government those institutions had been selected as advisors, however they were not potential investors. The negotiations are expected to take place within a month, and the selected companies should start working by mid March. After the open part of the Croatian Government's session, reporters asked the Prime Minister about the privatisation of the Croatian Telecommunications (HT), a company established by the division of the former Croatian Post and Telecommunications into two different companies (the Croatian Post and the Croatian Telecommunications). Matesa said the intention was to find a strategic partner for the Croatian Telecommunications, and added a special law should be endorsed by the Croatian National Sabor in order to start the privatisation of the HT. When asked if the claim of the "Croatia Osiguranje" director, Suad Rizvanbegovic, that the Government had reached a decision on the privatisation of the company's majority package, was correct, Matesa said such decision had not been made. Croatia Osiguranje, too, must be enabled, through sale and recapitalisation, to compete and operate successfully on the insurance market, Matesa concluded. (hina) it jn/rml

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