Slovenia: NKBM bank sold to US fund Apollo and EBRD
In its budget still about one-fifth of bad loans
01 July, 18:04(ANSA) - LJUBLJANA - Slovenia's second-largest bank, Nova kreditna banka Maribor (NKBM), 100% state-owned, was sold to US buyout fund Apollo and the European Bank for Reconstruction and Development (EBRD) for 250 million euros. The US fund took 80% stake in NKBM, whereas EBRD acquired 20%. The agreed acquisition price is about 50 million euros higher than the amount reported by Slovenian media a few weeks ago.
As a result of state recapitalisation of 870 million euros in December 2013, NKBM has become 100% state-owned and was then included in the privatisation plan by the government led by Alenka Bratuek as early as May 2013, along with another 14 state-owned companies. Following the recapitalisation, the bank started to record profits in 2014, but despite the transfer of a large amount of bad loans to BAMC (Bank asset management company, i.e.
Slovenia's bad bank) being at an advanced stage, NKBM's budget still includes about one-fifth of bad loans. (ANSA).