European Central Bank to Start Directly Supervising Eight Banks in Croatia

ZAGREB, September 12, 2020 – Following the establishment of close cooperation with the Croatian National Bank (HNB), the European Central Bank will take direct supervision of eight banks in Croatia, the HNB said in a statement on Friday.

“The European Central Bank (ECB), after establishing close cooperation with Българска народна банка (Bulgarian National Bank) and Hrvatska narodna banka (Croatian National Bank) and assessing the significance of the countries’ banks, announced today that it will start directly supervising five banks in Bulgaria and eight banks in Croatia,” the HNB quoted the ECB as saying in a press release.

In Croatia the ECB will be supervising the three largest banks – Zagrebacka Banka, Privredna Banka Zagreb and Erste & Steiermaerkische Bank and it will also supervise PBZ Stambena Stedionica, Raiffeisen Bank and Raiffeisen Stambena Stedionica, Sberbank and Addiko Bank.

The ECB’s supervision of Addiko Bank’s Croatian subsidiary is part of its plan to soon start directly supervising that Austrian banking group.

“The ECB will also directly supervise two new institutions, DSK Bank AD in Bulgaria as of 1 October and Addiko Bank AG group in Austria as of 7 October. The supervision of Addiko Bank AG group will include supervision of its subsidiaries Addiko Bank d.d. in Slovenia and Addiko Bank d.d. in Croatia,” the ECB said.

The ECB in July established close cooperation with the HNB and the Bulgarian National Bank, and now it will take direct supervision of five banks in Bulgaria and eight in Croatia, countries that have both applied to join the euro zone.

In particular, the ECB will be responsible for directly supervising four Bulgarian and seven Croatian subsidiaries of existing significant banking groups headquartered in Belgium, Greece, Italy and Austria. This ensures that the ECB fulfils the regulatory requirements that it must directly supervise, at an individual level, all banks belonging to significant groups, and at least the three most significant banks in each country.

The ECB will also be responsible for the oversight of the less significant institutions and in charge of the common procedures for all supervised entities in the two countries.

 

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