Business News

NLB Bank Sells Bulgarian Subsidiary

Ljubljana, 06 April (STA) - Slovenia's top bank, NLB, has sold its 97.01% stake in Bulgarian bank NLB Banka Sofia to Dutch financial firm TBIF Financial Services as part of its ongoing divestment strategy.

The contract on the sale of the stake was signed on Monday, the NLB group said in a press release on Wednesday, adding that Ljubljana-based Factor banka joined the NLB in selling TBIF Financial Services an outright stake in NLB Banka Sofia.

The transaction is still subject to approval from regulators, the NLB said without providing further details of the deal.

Under its strategy until 2015, the NLB intends to focus on SE European markets that it deems strategic (Slovenia, Bosnia-Herzegovina, Montenegro, Kosovo and Macedonia), while withdrawing from non-strategic markets.

It had previously said the divestment strategy would include the sale of subsidiaries in Bulgaria, Germany and Austria.

As part of the strategy, the bank also carried out a EUR 250m capital injection, which ended last week with the state buying EUR 243m of the new shares.

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