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NKBM Gets Approval to Acquire Majority Stake in Insurer

Ljubljana, 12 October (STA) - The insurance regulator has allowed Slovenia's second-largest bank, NKBM, to increase its ownership stake in insurer Zavarovalnica Maribor beyond 50%. NKBM is currently in talks with reinsurer Sava Re, a 46% owner of Zavarovalnica Maribor, on acquiring shares in the insurer.

The Agency for Insurance Supervision confirmed for the STA that it had cleared NKBM, which holds a 49% stake in Zavarovalnica Maribor, to acquire a majority stake.

The NKBM has been in talks with Sava Re on buying its stake, but an agreement has not been reached yet due to the price, according to a report by business daily Finance.

NKBM is said to have capped its bid for Sava Re's stake at EUR 45m, which has not satisfied Sava Re.

Sava Re declined to comment on the negotiations for the STA today, saying it was bound to keep the talks a secret. The NKBM failed to respond to STA's questions.

Zavarovalnica Maribor, which controls 13.2% of the Slovenian insurance market, has been told by the Agency for Insurance Supervision to conduct a capital increase by June 2011.

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