UniCredit and Allianz have signed a framework agreement and two share purchase agreements relating to their respective activities in Croatia, with the intention of simplifying their direct and indirect holdings in the country. Once the notification process to the local regulatory authorities has been carried out, UniCredit SpA will acquire from Allianz SE the entire 11.72% stake in Zagrebačka banka dioničko društvo, one of the main Croatian banks, belonging to the UniCredit Group, and Allianz Holding EINS GmbH will acquire the 16.84% minority stake currently held by Zaba in the Croatian insurance company, Allianz Hrvatska dioničko društvo za osiguranje. UniCredit SpA is currently not evaluating either the delisting of Zaba or the squeeze-out of the minority shares, as far as permitted from both a contractual and legal point of view.
Consistent with its focus on Central and Eastern Europe, UniCredit strengthens its position in the Croatian banking market, given its already strong presence in the country, as well as the positive forecasts for local GDP and the imminent entry into the euro area of Croatia.
Both UniCredit and Allianz remain engaged in the bancassurance market in Croatia. “These transactions – reads a note – allow the two companies to generate additional value through the rationalization of their shareholdings in Croatia. They are based on the agreements renewed earlier this year in both Germany and Italy and represent a further demonstration of the strong partnership between UniCredit and the Allianz Group ”.