One key development came in October 2006, when the two leading shareholders, Italy’s Intesa Sanpaolo and the European Bank for Reconstruction and Development, contributed a €250m capital increase thereby demonstrating their confidence both in the Croatian economy and the bank. Tier 1 capital in 2006 as a result rose 57% to €932m, having an initial negative impact on profitability.
PBZ continued to expand its business network and renovate existing branches. In 2006, it opened or renovated 21 branches throughout the country so that at year end it had 219 branches. The ATM network is also being continuously expanded, reaching 491 ATM machines at year end.
Overall, PBZ increased its customer base by 50,000, mainly retail, to reach 1.7 million in corporate and private clients. The bank accounts for about 19.1% of the banking sector with its retail slice reaching almost 22%.
“PBZ takes great pride in winning The Banker’s award for Bank of the Year in Croatia for 2007,” says chief executive Bolo Prka. “The reward not only confirms the success of PBZ’s team, but also puts us under an obligation to do even better in all segments of operations and the provision of services to our clients.
“PBZ is well known as a bank with a special business model focusing on customers that is marked by our sophisticated technology, excellent product portfolio and innovation. The adoption of advanced business and corporate governance standards set by its parent bank, Intesa Sanpaolo, strongly supports the strategic orientation of PBZ as a modern, client-oriented, universal financial institution.”
