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Supetar: progress is expected in
the
privatization of Adriatic tourism assets |
One man's trash is another man's treasure. The old adage is
as true in banking as anywhere, and seldom more so than in the case
of Croatia's Rijecka banka.
Earlier this spring, Bayerische Landesbank Girozentrale handed
back its almost 60% stake in Croatia's third-largest lender to the
Croatian government for a nominal sum after discovering that a
rogue foreign exchange trader had left a near $100 million hole in
the bank. After two years and an investment of tens of millions of
euros, executives of Germany's second-largest state-owned bank
decided to beat a hasty retreat from the Croatian market.
BayernLB's decision to cut and run left some wondering about the
magnitude of the problems at Rijecka - and in the parent bank's
home market - but the scandal and its aftermath failed to dampen
the interest of other potential investors. A...
