Slovenian regulators approve sale of lender NKBM

By bne IntelliNews March 18, 2016

Slovenian regulators have approved the acquisition of Nova Kreditna banka Maribor (NKBM) by US equity fund Apollo Global Management and the European Bank for Reconstruction and Development (EBRD), the Slovenian central bank announced on March 17.

In June 2015, Slovenian Sovereign Holding (SSH), Apollo Global Management and the EBRD signed an agreement concerning the sale of  the government's 100% shareholding in NKBM. According to the agreement, Apollo will acquire 80% of the bank, while EBRD purchases the remaining 20%. The investors have also struck a deal to buy the Slovenian subsidiary of Austrian bank Raiffeisen.

Regulatory approval was issued after Apollo submitted additional information regarding Biser Bidco, a company established jointly by Apollo and the EBRD, to carry out the acquisition of NKBM and the Slovenian Raiffeisen subsidiary, Slovenian Press Agency (STA) reported on March 17.

The central bank also requested that it submit a strategic plan for NKBM as a condition for approval of the takeover. After reviewing the additional documents submitted by the buyers, including processes for reviewing financing sources, Banka Slovenija concluded that "legitimate investors, mostly funds" had provided the funds.

Apollo is still awaiting formal completion of NKBM's withdrawal from the Serbian market, after the bank sold its stake in Serbia's KBM banka last month.

NKBM said on February 18 it has signed an agreement on the sale of 546.683 shares, representing a 89.53% stake in its Serbian subsidiary KBM Banka. The deal selling the stake to Serbian businesmen Andrej Jovanovic and Bojan Milovanovic was signed on February 17.

Raiffeisen Bank International sold its Slovenian operations to Biser Bidco, which is managed by an affiliate of Apollo Global Management, for an undisclosed sum, RBI announced in a December 10 press release.

Moody’s Investor Service said on February 10 it has affirmed the long-term deposit ratings of NKBM at B3.

Related Articles

RBI doubles net profit y/y in Q1 as Russian business recovers

Raiffeisen Bank International (RBI), the second largest bank operating across Central and Eastern Europe by assets, reported that net profit almost doubled year-on-year to €220mn in the first ... more

Adriatic ports hit by Venice tourist clampdown

The number of cruise ships visiting Dubrovnik and other Croatian ports is set to fall dramatically in 2017, a new report presented at the Adriatic Sea Forum has revealed.  As the historic ... more

EBRD says 2016 net profit was around €1bn

The European Bank for Reconstruction and Development (EBRD) said it made a net profit of around €1bn in 2016, up by a quarter from the €802mn it made in ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss