Slovenia’s second largest bank Nova KBM (NKBM) has received clearance from the Competition Protection Agency to acquire the local Abanka in a €444mn transaction, NKBM said on December 5.
The deal is part of the ongoing re-privatisation of banks taken over by the state during Slovenia’s bail-in of major banks in 2013. Ljubljana had committed to the European Commission to privatise Abanka during 2019.
NKBM signed an agreement with the Slovenian State Holding (SDH), which manages state shareholdings, to purchase Abanka’s shares in June 2019.
The bank must obtain other approvals from the competent authorities in order to conclude the transaction. Until the formal conclusion of the transaction, the banks will operate as two separate legal entities, NKBM said in the statement.
Following the acquisition, the combined market share of Nova KBM and Abanka will reach 22.5%, as reported at the time the deal was agreed.
NKBM’s CEO John Denhof welcomed the decision and described it as "an exceptional opportunity for Nova KBM and Abanka to work together to create an even stronger combined bank, which will have a positive impact on the Slovenian economy".
Related Articles
EBRD extends €100mn in risk-sharing support to two Ukrainian banks
The European Bank for Reconstruction and Development (EBRD) has signed portfolio risk-sharing facilities with two Ukrainian banks, UKRSIBBANK BNP Paribas Group and ProCredit Bank Ukraine (PCBU). The ... more
Austria’s RBI ups profit in Russia in 1Q25
Austria's Raiffeisen Bank International (RBI) increased its pre-tax profit in Russia in 1Q25 by over 25% year on year to €575mn ($651mn) due to the stronger ruble, Reuters reports. In ... more
Erste Group buys 49% of Santander’s Polish unit for €6.8bn
Erste Group acquired a 49% stake in Santander’s Polish bank for approximately €6.8bn, the Austrian lender said on May 5. The Austrian bank, the country’s largest, also agreed to purchase 50% ... more
Most Read
-
Armenia courts African countries to supply diamond industry
18 days ago
-
Russia’s Alrosa finds its largest diamond ever, as Mirny mining operations restart
1 day ago
-
COMMENT: Embracing “Greater Central Asia” has become a strategic imperative for US
12 days ago
-
From blood diamonds to critical minerals: Sierra Leone’s mining transformation
18 days ago