Austria-based Erste Bank has finalized the 100% acquisition of Croatian credit card company Diners Club Adriatic. The total purchase price amounted to E149.6 million.
Following the completion of the transaction, the managing board of Diners Club Adriatic (DCA) has been reorganized to include Zeljko Menalo, previously deputy head of retail banking at Erste Bank Croatia, who has now been appointed as CEO, and Danijel Idzakovic, previously head of credit risk management at Erste Bank Croatia, who has now been appointed as member of the management board.
DCA was founded in 1969 as the first credit card provider in Croatia. At present, it ranks second in the Croation market, with some 450,000 issued credit cards and a market share of 28%.
The combined bank card businesses of Erste Bank Croatia and DCA will amount to more than one million bank credit and debit cards. In the credit card segment Erste Bank Croatia and DCA will have more then 500,000 credit cards, representing a 32% market share.