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J&T Banka acquires 58% stake in Croatian VABA Banka

12. May 2015

With the confirmation of a decision by the Board of Directors and the Supervisory Board, as of today's date J&T Banka has entered Croatian VABA Banka. Increasing of assets by 75 million Croatian kunas (approximately 270 million Czech crowns) and gaining of a 58% stake follow more than half a year of negotiations. In the coming days, J&T Banka is expected to receive approval from the Croatian National Bank to acquire a majority stake.

"We are pleased that we have reached a bilateral consensus, and I am very confident that this will be beneficial for everyone. In order to commence financial transactions, it is necessary to meet the pre-agreed terms of the Memorandum of Understanding, which should happen in the weeks to come," Igor Kováč, a member of the Board of Directors of J&T Banka, commented regarding the acquisition process.

 

The Croatian bank's statutes are now being amended, and election is taking place of new members of the Supervisory Board, into which the following persons have been nominated: Patrik Tkáč, Igor Kováč, Ivo Enenkl and Juraj Lálik. A third member of the Board of Directors of VABA Banka has also been nominated, Monika Céreová, the former director of J&T Banka Slovakia.

 

With the entry of an investor with strong capital, VABA Banka will acquire enough resources and knowledge for further growth and development. Increasing of assets will also be positively reflected in the bank's activities and performance.