How Intesa Sanpaolo is powering growth in Croatia
Through Privredna Banka Zagreb (PBZ), Intesa Sanpaolo supports innovation, SMEs, and closer economic ties between Italy and Croatia.
Paola Papanicolaou, Chief of the International Banks Division at Intesa Sanpaolo, recently joined the plenary session of the Croatia–Italy Business Forum in Zagreb, held during the official visit of Italian Deputy Prime Minister and Foreign Minister Antonio Tajani to Republic of Croatia.
The plenary session focused on “Business opportunities in Italy and Croatia” and “Financial instruments for internationalization”.
📍 PBZ: Intesa Sanpaolo’s presence in Croatia
Paola Papanicolaou highlighted the Group’s role as a trusted partner for the public sector, businesses, and households, underlining its strong presence and long-term commitment in Croatia through Privredna Banka Zagreb (PBZ), as part of the Intesa Sanpaolo Group.
“Privredna Banka Zagreb is a fundamental enabler for the Country to address major economic and social challenges, such as the ongoing energy transition, business transformation & innovation in cooperation with leading local and international financial institutions such as EIB and EBRD”.
Paola Papanicolaou, Chief of the International Banks Division, Intesa Sanpaolo
PBZ—part of Intesa Sanpaolo’s International Banks Division—is Croatia’s second-largest bank, with a market share in assets exceeding 22%. It manages €18.2 billion in deposits and serves 1.5 million clients.
PBZ also maintains strong business relationships with more than 330 Italian companies operating in Croatia, including many SMEs.
🚀 Driving innovation and SME growth
Paola Papanicolaou confirmed that PBZ will provide €1 billion in new financing in 2025 to support the internationalization and innovation of companies in Croatia.
PBZ’s green finance commitment includes:
€700 million financed over the past two years in green buildings, renewable energy, energy efficiency, water management.
Additional €400 million planned for 2025.
€100 million European Investment Bank (EIB) loan approved to support SMEs and mid-caps.
📈 Capital markets and innovation
To date, PBZ has arranged 93 bond issues totaling €44 billion, and 13 IPO/SPO transactions worth €400 million.
In 2024, the bank acted as Joint Lead Manager on two Sustainability-Linked Bonds.
To improve SME access to capital markets, PBZ — in coordination with Intesa Sanpaolo’s International Banks Division — launched the Minibond initiative, helping eight companies raise €45 million.
PBZ also offers innovative financial instruments, such as minibonds and certificates, tailored to corporate and SME clients.
🏦 Retail strength and market leadership
PBZ is a market leader in retail banking in Croatia:
25.4% share in housing loans (1 in 4 mortgages in the country).
42% share in card lending.
Over 700,000 users of its digital app.
132 branches nationwide.
Eurizon Croatia, part of the Intesa Sanpaolo Group, is the market leader in asset management with a 32% share overall, and 36% in the retail segment.
🤝 Italy–Croatia: strong and balanced ties
Italy is Croatia’s second-largest trading partner, with €8.3 billion in trade and €3.8 billion in FDI.
“Intesa Sanpaolo is the natural link between Italy and the countries of Central and Eastern Europe, where Intesa Sanpaolo is committed as a major European player.”
Paola Papanicolaou, Chief of the International Banks Division, Intesa Sanpaolo
Italy accounts for around 11% of Croatian exports, primarily in raw materials, food, and livestock, while serving as a key supplier of manufactured goods and mineral fuels. Italian tourists also contribute to more than 8% of Croatia’s total tourism income.
🌱 Expanding the Intesa Sanpaolo Group’s social footprint
In the last 15 years, PBZ Group has donated more than €20 million to humanitarian initiatives supporting children, hospitals, education, sports and culture.
PBZ plays a proactive role in ESG and community initiatives, with a focus on long-term local support.
This commitment continues with the creation of the Intesa Foundation in Croatia, which will support:
Healthcare and social protection, especially for the elderly.
Education and youth development.
Climate change mitigation and environmental protection.
Women in distress and the fight against social inequality.
Local community projects.
Emergency response in the event of natural disasters or exceptional events.