Erste & Steiemarkische Bank d.d. Zagreb II

completed

ESB was established in September, 2000 as the successor bank to Bjelovarska Banka d.d., Trgovacka Banka d.d., and Cakovecka Banka d.d. Before the merger, all three banks were under common control of EB and SB. The acquisition and subsequent merger of the three institutions is consistent with the shareholders'' strategy of creating a nationwide universal commercial bank, with a focus on SMEs and retail. Recently, the bank has increased its emphasis on residential housing mortgages. The housing sector is a key government priority due to the housing shortage and associated social and labor mobility issues, the poor condition of existing housing stock, and the economic stimulus possible from housing construction. The proceeds of the project would be used for on-lending to private individuals for residential mortgages.