Croatia rejects Erste's offer for state-owned bank HPB
ZAGREB Dec 12 (Reuters) - Croatia has rejected a bid by Austria's Erste Bank for state-owned bank Hrvatska Postanska Banka (HPB) as being too low, the government said on Thursday.
"The offered price is below what we expected for a bank which is successful in recovering from losses it had in 2009 and 2010," Finance Minister Slavko Linic told a cabinet session.
HPB is the last major bank in state hands and controls about 4.5 percent of the local market, which is dominated by local units of banks from Italy, Austria, France and Hungary.
Erste Bank is the third biggest bank in Croatia, with close to 15 percent of the market. (Reporting by Igor Ilic; Editing by Greg Mahlich)