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Abanka sold for EUR 444 million

Friday, 21/06/2019

Ljubljana - The state's 100% stake in Abanka, Slovenia's third largest bank, has been sold to NKBM bank for EUR 444 million, Slovenian Sovereign Holding (SSH) said on Thursday after signing the sale and purchase agreement with the buyer.

The transaction is to be completed by the end of the year pending regulatory approval, SSH said, adding that the deal satisfies "all of the commitments given by the Republic of Slovenia to the European Commission with regard to state aid."

The purchase consideration, within the EUR 400-500 million range forecast by most analysts, means Slovenia has not entirely recouped the EUR 781 million cost of recapitalising Abanka and Banka Celje, which was later merged with Abanka, in 2013.

But SSH said the state had received the purchase consideration as well as EUR 178m in dividends in 2016-2018 plus proceeds from the sale of assets that had been transferred to the bad bank. "It has been estimated that these inflows will exceed the value of the [bailout] measures," SSH said.

It said NKBM had been picked as the best bidder in a competitive process that attracted a wide range of potential financial and strategic investors.

(Source: www.sloveniatimes.com)

 


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