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Nova Kreditna banka Maribor privatization set to be completed in Q1

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Nova Kreditna banka Maribor privatization set to be completed in Q1

Nova Kreditnabanka Maribor d.d. said March 25 that its sale to and theEuropean Bank for Reconstruction &Development is expected to be completed in the first quarter of2016.

On June 30, 2015, the agreement concerning the sale and purchase for a 100% stakein the lender was signed by the Slovene Sovereign Holding with the buyers,namely Apollo and the EBRD. The closing of the sale process is subject to thebuyers meeting all conditions precedent, such as acquiring approvals from therelevant supervisory bodies and paying the purchase consideration, based onwhich the shareholding in Nova Kreditna banka Maribor will be transferred tothem and registered in their name.

Following the conclusion of Nova Kreditna banka Maribor'sprivatization process, the adopted strategic directions will be revised andadjusted to the development and business strategy developed by Nova Kreditnabanka Maribor in cooperation with its future owners.

Nova KBM also said March 29 that it signed an agreement withPoštna banka Slovenijed.d., having recently purchased a 0.88% equity stake in the lenderfrom Pošta Slovenije and become its sole owner.

Following the integration, all liabilities and rights ofPoštna banka Slovenije will be transferred to Nova KBM, which will become thelegal successor of PBS.

The planned integration will become legally effective on theday it is entered into the court register, after obtaining the consent of theEuropean Central Bank and/or the Slovenian central bank. The merged lender willoperate as Nova KBM.

The merger is one of the most strategically importantprojects undertaken as part of the consolidation of Nova KBM Group andconstitutes one of the key commitments included in Nova KBM's restructuringplan, the bank said.