ECB to test five Croatian banks

epa06806184 A flag of Croatia (L) and the European Union (EU, R) are pictured prior a meeting of Croatian President Grabar-Kitarovic and European Commission President Juncker (both not pictured) in Brussels, Belgium, 14 June 2018. Croatia joined the EU on 01 July 2013 and will see the fifth anniversary on 01 July 2018. EPA-EFE/OLIVIER HOSLET

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The European Central Bank said on Wednesday it would carry out a stress test of five Croatian banks, a preliminary step in Zagreb’s bid to join the euro zone.

Zagrebačka banka, Privredna banka Zagreb, Erste & Steiermärkische Bank, OTP banka Hrvatska and Hrvatska poštanska banka will all be tested, with results expected in May 2020, the ECB added.

Croatia last month submitted a formal bid to join the European Exchange Rate Mechanism (ERM-2), an early stage on the path to membership of the euro currency.

Via Reuters

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