Vincek — 4th company to issue minibonds under PBZ

Zagreb, 31 October 2024. - Privredna banka Zagreb (PBZ), part of Intesa Sanpaolo Group's International Banks Division (IBD), acted as the sole issuing agent and investor for Vincek's corporate bond. Minibonds serve as an alternative financing tool for small and medium-sized enterprises, enabling them to raise capital for growth and preparing them for future participation in the capital markets. 
With a nominal value of EUR 5 million, the minibonds were issued on October 30, 2024, with maturity in 2031. Vincek, a passenger transportation company with over 30 years in the business, has steadily grown through consistent investment in its fleet, evolving into a medium-sized family company with revenues of EUR 22 million in 2023. The company currently employs over 325 people and operates a fleet of over 180 buses.  

Krešimir Čumbrek, Director of Vincek, stated: “We are pleased to join the growing ranks of Croatian SMEs leveraging the Minibond Initiative. This bond issuance is a significant step in supporting our growth, mainly through investments in new vehicles. We thank PBZ and Intesa Sanpaolo Group for their support and guidance throughout this process.”  

Vedrana Jelušić Kašić, Member of the Management Board at PBZ responsible for the Corporate and SME Division, commented: “Vincek’s successful issuance of minibonds demonstrates the value that Croatian SMEs find in alternative financing for growth and development. We are proud to support their entry into the capital market, which will open new avenues for business expansion.” 

Giuseppe Ferraro, Executive Director at Intesa Sanpaolo and Head of IBD Corporate, SME, Small Business, added: “The minibond initiative reflects our commitment to fostering the growth of SMEs by offering innovative financing solutions. Vincek’s entry into the capital market exemplifies how family businesses in Croatia can leverage such instruments to scale sustainably, build resilience, and seize new growth opportunities.”  

The contract on business cooperation related to the issue of minibonds was signed by Krešimir Čumbrek, director of Vincek, and Vedrana Jelušić Kašić, a member of the PBZ Management Board.