About us


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



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 following international rating agencies: Moody’s Investors Service (Ba2) and Standard & Poor’s (BB+).


Regional Offices

Regional Office for Slavonia and Baranja
Regional Office for Dalmatia
Regional Office for Istria
Regional Office for Lika
Regional Office for Primorje and Gorski kotar



361 employees as of 31 June 2017

Organization structure


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 Law on HBOR and its By-laws and administers the assets of HBOR. Meetings of the Management Board take place when necessary, however, generally on Tuesdays.


Members of the Management Board

  • Tamara Perko, MSc, President
  • Hrvoje Čuvalo, 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:

  • Zdravko Marić, DSc, Minister of Finance (ex officio President of the Supervisory Board)
  • Martina Dalić, DSc, Deputy Prime Minister and Minister of the Economy, Entrepreneurship and Trade (Deputy President of the Supervisory Board)
  • Predrag Štromar, Deputy Prime Minister and Minister of Construction and Physical Planning
  • Gabrijela Žalac, Minister of Regional Development and EU Funds
  • Gari Cappelli, Minister of Tourism
  • Tomislav Tolušić, Minister of Agriculture
  • Luka Burilović, Chairman of the Croatian Chamber of Economy
  • Grozdana Perić, Chairman of the Finance and Central Budget Committee of the Croatian Parliament
  • Boris Lalovac, MSc, member of the Croatian Parliament
  • Božica Makar, member of the Croatian Parliament



Formation of 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.

NameRole within the Group% of participationHeadquartersBusiness activities
Hrvatsko kreditno osiguranje d.d.Subsidiary company, direct equity participation100% – HBORRepublic of CroatiaInsurance for company’s foreign and domestic short-term receivables regarding shipments of goods and services
Poslovni info servis d.o.o.Subsidiary company, indirect equity participation100% – Hrvatsko kreditno osiguranje d.d.Republic of CroatiaProviding analysis, credit risk assessment and information on creditworthiness