Mercoledì, 19 Settembre 2018

Croatia: Gov't to privatize biggest public insurance co.

(ANSAMed) - ZAGREB, JULY 13 - The center-left Croatian
government plans to privatize Croatia Osiguranje (CO), the
country's biggest insurance company with one third of national
market share, local press made known today.

The state, which owns 82% of CO shares, is putting 50% of these
on the block at an estimated value of 270 million euros, but
plans to maintain a 25% control in order to have a say in
strategic company decisions.

''We took this decision because new capitals will enable CO will
to reinforce its market share, especially in the life insurance
sector, and also because the state needs the money for deficit
financing,'' Finance Minister Slavko Linic said.

Over the next 30 days, the government will be accepting bids
from prospective investment advisors, who will then present the
government with a sales strategy and possible buyers, Linic

The government recently also privatized Hrvatska Postanska
Banka, the country's sole remaining publicly-owned bank, in an
effort to fulfill its campaign promise to reduce public debt
from 4.1% of GDP in 2011 to 2.8%, through a mix of state
property sell-offs, tax hikes, and savings incentives.

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