Slovenian talks with EC officials hint at attempt to extend deadline for NLB privatisation

Slovenian talks with EC officials hint at attempt to extend deadline for NLB privatisation
By bne IntelliNews September 19, 2016

Slovenia’s interim Finance Minister Alenka Smerkolj discussed the privatisation of Nova Ljubljanska Banka (NLB) with European Competition Commissioner Margrethe Vestager during a recent visit to Brussels, Prime Minister Miro Cerar confirmed on September 16. 

While Cerar says Ljubljana will adhere to its commitments to the European Commission on the privatisation of its largest state-owned lender NLB, it appears that the government could be trying to obtain an extension to the end-2017 deadline to privatise the bank. 

Slovenia is “honouring its commitments” on the privatisation of NLB and the interests of Slovenian taxpayers will have to be taken into consideration in the process, Cerar said on the sidelines of the EU summit in Bratislava, Slovenian Press Agency (STA) reported.

"We are not lobbying whatsoever, we are simply fulfilling our commitments," Cerar said.

He said that the current circumstances as well as the future situation needed to be taken into account and that Slovenia needed to be in permanent contact with the European Commission.

At their recent meeting, Smerkolj briefed Vestager on the progress Slovenia had made towards its commitments to the competition directorate in various procedures. They also touched on certain legal issues in the NLB sale process, STA quoted the finance ministry as saying.

In the restructuring plan that served as a basis for the European Commission's approval of state aid to the bank in 2013, Slovenia committed to sell NLB by the end of 2017. Any potential extension of that date would have to be endorsed by Brussels.

Slovenian Sovereign Holding (SSH) initially announced that NLB’s privatisation would be launched in 2016, but earlier this month it indicated that no decision would be made until early 2017. SSH, which manages Slovenian state owned assets, said the bank was due to be sold off by the end of next year. 

SSH said on May 12 that an initial public offering had been assessed as the most appropriate method for the privatisation of NLB. The state is expected to keep 25% plus one share in the bank.

 

Related Articles

Palladio Finanziaria gives up on acquisition of Slovenia’s Cimos

TCH Cogeme, a subsidiary of Italian investment fund Palladio Finanziaria, has cancelled its acquisition of Slovenian automotive supplier Cimos, Slovenian Bank Asset Management Bank (BAMC), a ... more

Serbian PM proposes Western Balkan customs union

Serbia’s Prime Minister Aleksandar Vucic proposed creating a Western Balkan customs union during his meeting with Austria’s Federal Chancellor Christian Kern on February 17, the government ... more

Refugee clampdowns in Croatia, Slovenia alarm rights groups

Legislation adopted in Slovenia on January 26 will strip refugees and asylum seekers of protections to which they are entitled under international and EU law, Amnesty International has warned. ... 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