Allianz and European bank UniCredit have signed a framework agreement and two share purchase agreements regarding their businesses in Croatia, with both companies intending to unwind their direct and indirect shareholdings in the country.
As part of the agreements, UniCredit will purchase Allianz SE’s 11.72% stake in Zagrebačka banka dioničko društvo (Zaba), a Croatian bank belonging to the UniCredit Group, and Allianz Holding EINS GmbH will acquire Zaba’s 16.84% minority stake in Croatian insurance company Allianz Hrvatska dioničko društvo za osiguranje.
UniCredit said it is not considering delisting of Zaba or a squeeze-out of the minority shares, although it is not prevented from doing so from contractual and legal standpoints.
The transactions will strengthen UniCredit’s position in the Croatian banking market, building on its strong local commercial presence, as well as the country’s positive GDP forecasts and its upcoming Euro area membership.
“Both UniCredit and Allianz remain committed to the attractive bancassurance market in Croatia,” the companies’ statement said. “These transactions enable the two parties to unlock additional value through the streamlining of their corporate interconnections in the Republic of Croatia. They build on the renewed agreements announced earlier this year in both Germany and Italy and represent a further demonstration of the strong partnership between UniCredit and the Allianz Group.”