Shareholders of Privredna Banka Zagreb (PBZ) decided on Monday to delist all of its shares from the Zagreb Stock Exchange (ZSE). Shareholders who voted against the delisting will be given compensation in the amount of 832.45 kuna per share.

According a press release issued by the bank after the shareholders meeting, PBZ will buy back the shares held by the shareholders who voted against the delisting. Equitable compensation is considered to be an average price of PBZ shares calculated as the pondered average of all prices on the stock exchange over the last three months before the publication of the invitation to the general shareholders’ meeting.

PBZ, the second largest bank in Croatia behind Zagrebacka Banka, is owned by the Italian banking group Intesa Sanpaolo which holds about 97.5 percent of shares. Minority shareholders, including some pension funds, hold about 2.2 percent.

(€1 = 7.57 kuna)