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Croatia's Erste&Steiermärkische Bank to take full control of factoring unit

Erste&Steiermärkische Bank dd intends to acquire a 25% stake in Erste Factoring d.o.o. Zagreb from Erste Group Bank AG, which is the ultimate parent of both companies, the Croatian lender said July 30.

The par value of the stake amounts to 21.25 million Croatian kuna, the bank noted, without disclosing the financial details of the transaction.

Erste&Steiermärkische Bank, which already owns an almost 75% stake in Erste Factoring, plans to absorb the unit after finalizing the acquisition and securing the approvals of shareholders, the Croatian Financial Services Supervision Authority and the Croatian central bank.

As of July 27, US$1 was equivalent to 6.35 Croatian kuna.