FINA, the Croatian state-owned financial agency, has launched an official takeover bid to acquire the Zagreb Stock Exchange (ZSE), aiming to purchase all unencumbered shares available on the market. As of mid-2025, FINA already owns 9.99% of the ZSE shares, and by acquiring a controlling stake from other shareholders, it seeks to become the dominant owner with decisive influence over the exchange’s operations.
The announcement of FINA’s bid led to a notable increase in the ZSE share price, reflecting market interest and speculation about future developments. This move would significantly increase government influence over Croatia’s primary securities market. Such control could lead to shifts in the governance, strategic direction, and technology investments of the Zagreb Stock Exchange.
The ownership structure of ZSE is diverse, including other major shareholders such as RR ONE CAPITAL D.O.O. (9.99%), PBZ CO OMF (9.98%), and INTERKAPITAL D.D. (8.61%), along with many smaller investors totaling around 200 shareholders. The exchange itself holds a small portion of its shares as treasury shares.
This takeover bid occurs amid a broader strategic effort by the Croatian government and financial regulators to develop a safer, more liquid, and modern capital market by 2030. A recently adopted Strategic Framework for Capital Market Development emphasizes regional integration, digitalization, improved corporate governance, increased liquidity, and the introduction of new investment products, all aimed at making Croatia a more attractive financial hub in the region.
If FINA succeeds in securing a majority stake, it would mark a significant step in the government’s ambition to consolidate its role in capital market development, potentially facilitating reforms aligned with the national strategic objectives. Market participants and regulatory bodies are closely monitoring shareholder reactions and regulatory decisions regarding this essential financial market development in Croatia.
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