UniCredit’s Bank Austria Creditanstalt (BA-CA) unit has sold its Croatian banking subsidiary HVB Splitska banka to Societe Generale for approximately EUR1 billion.
The agreement was signed on 20 April in Vienna and is expected to be completed by June 2006.
UniCredit also owns Croatia’s largest bank, Zagrebacka banka, but due to competition laws, the Croatian government prevented UniCredit from merging Zagrebacka and Splitska banks, requiring it to sell one of them.
“Splitska Banka’s acquisition fully supports Socit Gnrale’s strategy to expand its retail banking network in attractive high growth markets in Europe,” says Chief Executive Philippe Citerne. “Splitska Banka is a well-managed bank with significant growth potential. We will keep its name and its head office in Split. This acquisition will consolidate our positions in South Eastern Europe enabling us to provide a better service to our regional and international corporate clients.”
HVB Splitska banka has total assets of EUR3.2 billion, 112 branches and 1,112 employees.