With regard to imposition of forced administration on Croatia’s Centar Banka and growing media speculations on J&T BANKA’s involvement, we hereby issue this press statement.
In order to protect its investment, J&T Banka’s offer to raise the capital of Croatia’s Centar Banka was conditional upon the fulfillment of a number of requirements by the Croatian bank’s current shareholders and by the other institutions benefiting from the successful operation of Centar Banka. As these conditions were not met and no agreement was reached, J&T BANKA decided to cancel its plans. As an established and credible investor that has been present on the EU banking market for more than 15 years, we cannot become involved in ambiguous projects where further development is not clearly defined.
Since the onset of negotiations, we had been calling attention to the fact that we did not wish to clean up the losses resulting from the conduct of the Croatian bank’s previous management. Not only did we offer know-how and financial capital, which we deposited on an escrow account at a Croatian bank, but also a vision for the development of this bank alongside our Croatian partners. Entering Centar Banka under different conditions and under time pressure would be very irresponsible toward the shareholders of J&T Banka. At this time, we are ready to enter the Croatian market and be an active player thereon; as such, we are open to any further negotiations with serious partners.