Recently, Turkey’s media reported the group was looking to buy a bank in Central or Eastern Europe.

In his statement, Süzer deputy chairman Ali Baran Süzer said the group had been looking to buy a foreign bank for some time. After talks, the group signed an acquisition contract, he said.

The statement came after the story of the acquisition was published Friday by Croatia’s Poslovni Dnevnik newspaper.

According to Poslovni, Süzer acquired Banka Brod for 9.5 million euros. Süzer also agreed to invest 20 million euros in the development of the small bank.

Süzer board chairman Mustafa Süzer told the Anatolia news agency in an April interview that the group was focusing on energy and finance sectors. The group also plans to go public within a year, he said in the same interview.

The acquisition is subject to approval by Croatia’s central bank.