Italy-based international banking group UniCredit says it has taken further steps to consolidate its partnership with German multinational financial services firm Allianz by “unwinding” their direct and indirect shareholdings in Croatia.
To this end, UniCredit has agreed to purchase Allianz’s entire 11.72% stake in Croatian insurance company Zagrebačka banka dioničko društvo (Zaba).
At the same time, Allianz will acquire a 16.84% minority stake held by Zaba in Croatian insurance company Allianz Hrvatska dioničko društvo za osiguranje.
The companies say these transactions will enable them to unlock additional value through the streamlining of their corporate interconnections in the Republic of Croatia.
Currently UniCredit is considering neither a delisting of Zaba, nor a squeeze-out of the minority shares, although it is not prevented from doing so from contractual and legal standpoints.
The company says the move will help to reinforce its position in the Croatian banking market, given its local commercial presence, as well as the country’s positive GDP forecasts and its upcoming Euro area membership.
Both UniCredit and Allianz say they remain committed to the “attractive” bancassurance market in Croatia.
