SPLITSKA BANKA TO USE SERVICES OF PRIVATISATION ADVISOR FROM LONDON

SPLIT, April 9 (Hina) - The state agency for the insurance of savings deposits and the rehabilitation of banks (DAB) and the London-based company "Daiwa" signed a contract on advisory services in the privatisation of the Splitska Banka in Split on Friday. The signing of the contract marks the beginning of a process which should result in the selection of an investor for the Splitska Banka in October this year. The London company has experience in the privatisation of Croatian companies since it acted as an advisor in the privatisation of the pharmaceutical company "Pliva". The company will cooperate with the DAB in a similar way in the sale of most of the 87 per cent of the bank's shares, which the DAB currently owns. The remaining 13 per cent are owned by various companies and physical entities from Split County. During the sale of the shares, the DAB will keep a control package of 25+1 per cent to prevent new investors from making strategic decisions which could be detrimental to the bank, DAB director Marijan Sunjic said. Expressing satisfaction with the fact that "Daiwa" had won the contract for advisory services in the privatisation of the Splitska Banka, Daiwa's director for international investments Andrew Capon said the economy in Croatia and Dalmatia was attractive for foreign investors. (hina) jn rml