PBZ'S MAIN GOAL IS TO PROTECT CUSTOMERS AND CAPITAL

ZAGREB, April 30 (Hina) - The Privredna Bank Zagreb d.d. (PBZ) recently published an advertisement on the sale of stock and its loans to several companies, including the NAMA chain of stores. The PBZ's intention is to transform its frozen, illiquid assets into ready money, the bank's officials said on Friday. The bank's only interest is to protect its customers and capital, the PBZ said, stressing they recognised the gravity of the situation of NAMA employees. The PBZ advertised and called on interested bidders to compete to buy NAMA's debts towards the bank. The bank is not a share-holder in NAMA, it is only a creditor on the basis of granted loans and guarantees, and as such it has assets which are ensured by mortgages on NAMA or fiduciary ownership. "The Privredna Bank is not the owner of NAMA stores to be able to sell them," the bank said in a statement. The bank also did not initiate the payment of the mortgage, as this cannot be done by means of an advertisement, but an exactly defined court procedure. The programme of restructuring NAMA has not been accepted because the bank's expert services did not find in its the necessary guarantees that the company will overcome such a deep crisis with the programme. "The bank is prepared to seriously talks about a restructuring plan under the condition that one of renowned international audit companies which are present in Croatia gives its independent expert opinion," the bank said. (hina) lml