About us

Croatian Bank for Reconstruction and Development is the development and export bank and export credit agency of the Republic of Croatia whose main task is to promote the development of the Croatian economy. By lending, investing in venture capital funds, insuring exports against political and commercial risks, issuing guarantees and providing business consulting services, HBOR builds bridges between entrepreneurial ideas and their realisation with the goal of strengthening the competitiveness of the Croatian economy.

Establishment

Croatian Bank for Reconstruction and Development (HBOR) was established on 12th June 1992 by the Act on the Croatian Credit Bank for Reconstruction (Hrvatska kreditna banka za obnovu - HKBO) (NN - official gazette of the Republic of Croatia, No. 33/92, amended NN 76/93, 108/95, 08/96). In December 1995, the Bank was renamed Hrvatska banka za obnovu i razvitak (Croatian Bank for Reconstruction and Development). In December 2006, the new Act on the Croatian Bank for Reconstruction and Development was passed (NN 138/06) and in March 2013, the Act on Changes and Amendments to the Act on Croatian Bank for Reconstruction and Development (the Official Gazette of the Republic of Croatia, No. 25/13) came into force. The change of the Act relates to the number of members of the HBOR Supervisory Board.

Main Role

Within the Croatian banking system, HBOR plays the role of a development and export bank established with the objective of financing the reconstruction and development of the Croatian economy.

Main activities of HBOR

• financing the reconstruction and development of Croatian economy
• financing infrastructure
• promoting exports
• supporting the development of small and medium-sized enterprises
• promoting environmental protection
• insuring the exports of Croatian goods and services from non-marketable risks

Ownership

HBOR was founded and is entirely owned by the Republic of Croatia.

Founder's Capital

The Founder's capital was prescribed by the Law in the amount of HRK 7 billion, the payment schedule of which is determined by the Government of the Republic of Croatia.

Credit Rating

HBOR is rated by the international rating agency Standard & Poor's (BBB+, stable).

Management Board

The Management Board consists of three members, one of whom is appointed President of the Management Board. Members of the Management Board are appointed by the Supervisory Board. The Management Board conducts the business according to the Act on HBOR and its By-laws and administers the assets of HBOR. Meetings of the Management Board take place when necessary, however, generally Tuesdays. Composition of the Management Board of HBOR:

• Hrvoje Čuvalo, MSc, President
• Josip Pavković, Member
• Alan Herjavec, MSc, Member

Supervisory Board

The Supervisory Board of HBOR consists of ten members: six ministers of the Croatian Government, three members of the Parliament and the Chairman of the Croatian Chamber of Economy. The minister in charge of finances is the President of the Supervisory Board, and the minister in charge of the economy is the Deputy President of the Supervisory Board. The Supervisory Board monitors and controls the legality of operations of the Management Board and appoints and revokes the President and Members of the Management Board. The Supervisory Board determines the principles of business policy and strategy, supervises the bank’s business operations, establishes the credit policies of HBOR, prepares the annual financial statements and considers the reports of internal audit, external independent auditors and reports of the State Auditing Office.

The composition of the Supervisory Board of HBOR is as follows:

• Marko Primorac, PhD, associate professor, Minister of Finance (ex officio President of the Supervisory Board)
• Damir Habijan, Minister of the Economy and Sustainable Development (Deputy President of the Supervisory Board)
• Šime Erlić, Minister of Regional Development and EU Funds
• Nikolina Brnjac, PhD, Minister of Tourism and Sports
• Marija Vučković, MSc, Minister of Agriculture
• Branko Bačić, Deputy Prime Minister of the Republic of Croatia and Minister of Physical Planning, Construction and State Assets
• Luka Burilović, PhD, Chairman of the Croatian Chamber of Economy
• Žarko Tušek, member of Parliament
• Predrag Štromar, member of Parliament
• Siniša Hajdaš Dončić, PhD, member of Parliament

Audit Committee

The Audit Committee is an independent body, the members of which are appointed by the Supervisory Board of HBOR. The Audit Committee is comprised of three members, at least one of whom is appointed among the members of the Supervisory Board, and the other two members are appointed by the Supervisory Board.

Main tasks of the Audit Committee are monitoring of the financial reporting procedure; monitoring the efficiency of work of the internal control system, internal audit and the risk management system; supervising the implementation of audit of annual financial statements; monitoring the independence of independent auditors or the auditing company performing the audit, and especially contracts on additional services; discussing on plans and the annual report of the internal audit as well as on the significant issues relating to this area; giving of recommendations to the Supervisory Board on the selection of independent auditor and the auditing company. Meetings of the Audit Committee are convened when necessary, but at least once semi-annually. Members of the Audit Committee of HBOR are as follows:

• Prof. DSc. Lajoš Žager, Faculty of Economics and Business of the University of Zagreb, Chairman of the Audit Committee,
• Prof. DSc. Boris Tušek, Faculty of Economics and Business of the University of Zagreb, Deputy Chairman of the Audit Committee,
• Predrag Štromar, Chairman of the Physical Planning and Construction Committee of the Croatian Parliament,  member of the Audit Committee.

Employees

413 employees on 1 February 2024

Macro-organization scheme

Regional Offices

Regional Office for North Dalmatia
Regional Office for Middle and South Dalmatia
Regional Office for Istria
Regional Office for Lika
Regional Office for Primorje and Gorski kotar
Regional Office for North-West Croatia
Regional Office for Slavonia and Baranja

HBOR Group

HBOR Group was formed in July 2010 when Hrvatsko kreditno osiguranje d.d. started to operate. Hrvatsko kreditno osiguranje d.d. established a company Poslovni info servis d.o.o., 100% owned by it, which started to operate in December 2010.