Slovenian NLB pays nearly 400 million for Komercijalna banka, transaction date revealed

The process on this request from Nova Ljubljanska banka dd to acquire the property in Komercijalna banka ended on December 9, with the adoption of the decision of NBS, which gave prior consent to NLB to acquire the direct controlling property, which will allow a 83.23 percent, or more than 50 percent of the voting rights in Komercijalna Banka.

This confirms previous statements by Finance Minister Sinija Mali that the process of taking over Komercijalna Banka by the Slovenian NLB should be completed before the end of the year and that the amount of around 400 million euros will be paid to the European Union.

The Ministry also confirmed for the portal the allegations of some media that between 9 and 11 hours, on December 30, a series of documents will be signed and the transaction will be completed. Then the money transfer will take place.

The acquisition of Komercijalna Banka implies the payment of the purchase price and the implementation of the change of ownership of the bank’s shares in the Central Registry, the deposit and compensation of securities on the basis of the Stock Purchase Agreement entered into between the Republic of Serbia and NLB.

According to the NBS, the time frame within which the transaction can be carried out is the adoption of the first annual financial statements, that is, the audited financial statements of NLB.

At the beginning of December the necessary consent of the European Central Bank for the takeover of Komercijalna Banka arrived, which was presented to the National Bank of Serbia.

By the way, some 60 million euros have already been paid to the State through dividends, and the payment of the arrears of dividends was one of the conditions to close the operation.

In addition to the 387 million euros, Serbia will earn a total of about 460 million euros for 83.2 percent of the state-owned shares until the end of the Komercijalna Banka acquisition.

Of the already received 60 million euros or about seven billion dinars, 3.7 billion dinars refer to the contractual obligation to distribute half of last year’s earnings through dividends.

The privatization of Komercijalna Banka is part of the IMF agreement with Serbia, which expires at the end of the year.

At the extraordinary session of the Komercijalna banka shareholders’ meeting on December 11, the bank’s Board of Directors was replaced and new members were appointed.

Regarding the dismissal of the existing members of the Bank’s Board of Directors and the decisions of the Assembly regarding their dismissal, they will enter into force, as indicated, due to the cumulative fulfillment of certain conditions.

These conditions refer, among other things, to the performance of the transfer of ownership in the bank, that is, to its acquisition by its new shareholders.

The current president of the Board of Directors, Marija Soki, the president of the Bank’s Board of Directors, as well as members Daniel Panti, Dejan Hadi, Katarina ui, Goran Kneevic and Zoran Jovi have been relieved of their functions.

The new chairman of the board is Aribald Kremser, and the members are Bla Brodnjak, Ursula Kovai, Igor Zalar, Marko Jeri, Vesna Vodopivec, Nenad Filipovi, Guy Riard Steel Stevens and Dragan Djuriin, it was posted on the Komercijalna banka website.