Banco Popolare Societa Cooperativa : Disposal of Banco Popolare Croatia (.pdf - 73.4 KB)

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Banco Popolare: disposal of Banco

Popolare Croatia

Verona, 31 January 2014 - Banco Popolare Soc. Coop. and OTP Banka Hrvatska, a bank controlled by the Hungarian group OPT, signed an agreement to sell to the latter the entire shareholding interest held by Banco Popolare in Banco Popolare Croatia d.d.

The deal is subject to the prior authorizations as required by the competent
Supervisory Authorities.
In keeping with the strategic guidelines of the Group, following the sale of its subsidiaries in the Czech Republic, Romania and Hungary, this deal will enable Banco Popolare to complete the process aiming at focusing on its domestic banking core business.
The consideration for the sale of the interest in Banco Popolare Croatia (corresponding to approx. 99% of the common share capital and to approx. 92.5% of the preferred share capital), representing the entire stake held by Banco Popolare, has been agreed in 106,977,375 Kunas (corresponding to approx. 14 million Euro). The alignment of the accounting value registered in the consolidated balance sheet as at 31 December
2013 of the assets and liabilities pertaining to BP Croatia to the disposal price net of costs will give rise to an estimated capital loss of 19 million Euro.
On 31 December 2012, Banco Popolare Croatia S.p.A., which was acquired in 2006, had total assets of 2.5 billion Croatian Kunas and relies on an operational structure comprising 33 branches and about 292 employees.
Banco Popolare was advised by KPMG Corporate Finance, acting as financial advisor, and by Clifford Chance, acting as legal advisor.

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