A. Staničić at capital market development conferences: Market awareness, innovation and regulatory competitiveness key to the development of the Croatian capital market
Anamarija Staničić, Deputy President of the Hanfa Board, took part in two prominent events that brought together representatives of the financial industry, institutional investors, entrepreneurs, policymakers and regulators, opening discussions on the key challenges and opportunities for the development of the economy, capital markets and the investment ecosystem. These included the “Change Makers 2026” conference, organised by Poslovni dnevnik on 30 September 2026, and the “LP-GP Networking Event 2026”, organised by the Croatian Private Equity and Venture Capital Association (CVCA) and held in Dubrovnik on 1 and 2 October.
Particular attention at both events was devoted to the role of capital markets in financing growth, strengthening investment activity, developing private equity and venture capital, fostering innovation, and creating the conditions for the long-term competitiveness and resilience of the economy.
At the Change Makers 2026 conference, Staničić participated in the panel discussion “Buy, Sell or Go Public?”, which focused on key issues faced by companies through various stages of growth and expansion, including decisions on whether to launch an initial public offering (IPO), seek a strategic partner or attract a financial investor.
Presenting the activities carried out under the RoadToMarket sandbox project, Staničić emphasised the importance of making informed financing decisions: “The biggest challenge for many Croatian companies is not a lack of capital, but rather a lack of information about all the forms of capital available to them. In this regard, the RoadToMarket sandbox is not a programme designed to help companies go public. It is a programme that helps entrepreneurs make informed decisions about the development strategy that best fits their company.”
Alongside Anamarija Staničić, the panel featured Matija Mandić, Member of the Management Board and Chief Financial Officer of Telemach; Jozo Ljubičić, Member of the Management Board and Chief Financial Officer of Žito Group; Ivan Augustin, Member of the Management Board of ING-GRAD d.d.; and Ivan Šantorić, President of the Management Board and Chief Executive Officer of Tokić Group. The discussion was moderated by Ivana Gažić, President of the Management Board of the Zagreb Stock Exchange. The panellists shared their experiences with different business financing and development models, including investor relations, the challenges of raising capital, and the pros and cons of various growth strategies. They also reflected on European initiatives under the Savings and Investments Union and their potential impact on the Croatian and regional capital markets.
Speaking about the role of capital markets in economic development, Staničić stressed that neither Europe nor Croatia faces a shortage of savings; rather, the challenge lies in directing those savings more efficiently towards investment in the European economy. She noted that, instead of competing through market size, Croatia can compete through the quality of its companies and institutions, as well as through its regulatory framework.
Staničić conveyed similar messages at the LP-GP Networking Event 2026, where, in her opening remarks, she presented three initiatives on which Hanfa has been working intensively in recent years to contribute to the development of the investment ecosystem and enhance the attractiveness of the Croatian market for investors.
The first initiative is the RoadToMarket sandbox, which helps entrepreneurs understand different financing options, ranging from venture capital and private equity to capital markets, while preparing them for more effective dialogue with investors. The second is the development of the SPOT market for unlisted shares, a proposed new market mechanism that could improve exit opportunities for investors and serve as an important bridge between private markets and initial public offerings (IPOs). The third area of focus is strengthening Croatia’s regulatory competitiveness by removing unnecessary regulatory burdens and national gold-plating requirements, while maintaining a high level of investor protection and financial stability.
Concluding her address, Staničić stated: “If we want a stronger private capital market in Croatia, ensuring the availability of capital alone is not enough. It is equally important to increase the number of investment-ready companies, develop high-quality exit opportunities and build a regulatory framework that is competitive, proportionate and aimed at supporting economic growth. As a regulator, Hanfa cannot create successful entrepreneurs, make investment decisions or generate returns. However, through strategically focused initiatives, it can help create a market that facilitates connections between high-quality companies, capital and investors. In such an environment, quality companies will gain easier access to capital, while investors will find it easier to identify opportunities for growth and value creation.”
By participating in these events, Hanfa once again reaffirmed its active role in strengthening the Croatian capital market and creating a more supportive environment for entrepreneurship, investment and sustainable economic growth.
Photo: Neva Zganec /PIXSELL; Photo Adria and CVCA
