August 7, 2019 / 8:20 AM / 14 days ago

ECB to test five Croatian banks as country aims for euro entry

An employee holds 2 cent euro coins at the "Monnaie de Paris", national mint factory in Pessac, France, November 29, 2017. REUTERS/Regis Duvignau/Files

FRANKFURT (Reuters) - 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.

Reporting By Francesco Canepa; Editing by Catherine Evans

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