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SID-Slovenska izvozna in razvojna banka initiates sale of credit insurance unit

SID - Slovenska izvozna in razvojna banka d.d. said March 27 it started a sales process for its credit insurance unit SID-Prva kreditna zavarovalnica.

The Slovenian development bank said the move is in line with its strategy, which includes focusing on core activities and the sale of noncore subsidiaries. The final decision on whether SID-Prva kreditna zavarovalnica will be divested will depend on offers submitted by potential buyers, the company said.

The potential sale of the subsidiary to a new owner could provide the unit with better opportunities of geographic and product expansion, SID-Slovenska izvozna in razvojna banka noted, adding that it wants to carry out the sales process in cooperation with a financial adviser and in accordance with international standards.

SID-Slovenska izvozna in razvojna banka already completed the sale of debt collector Pro Kolekt and launched formal liquidation proceedings for factoring services provider PRVI FAKTOR faktoring družba d.o.o. in 2016 as part of its strategy.