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Pozavarovalnica Sava to purchase Macedonian pension fund manager from NLB

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Pozavarovalnica Sava to purchase Macedonian pension fund manager from NLB

Pozavarovalnica Sava d.d. intends to sign an agreement regarding the purchase of all shares of Macedonia-based pension fund manager NLB Nov Penziski fond AD Skopje from Nova Ljubljanska banka d.d. and NLB Banka AD Skopje, the companies said Dec. 12.

The signing of the purchase agreement concludes the sales procedure started by NLB and its Macedonian unit in March. The ownership of the pension fund's shares will be transferred to Sava after the deal gains regulatory approval. Financial details of the transaction were not disclosed.

With the acquisition of NLB Nov penziski fond shares, Sava will enter the Macedonian pension market, in line with its strategy to consolidate its position as a major insurance group in the western Balkans. NLB Banka Skopje will continue marketing the pension fund's products through its banking network, Sava said.

NLB noted that the Republic of Macedonia continues to be one of its strategic markets despite the upcoming sale, and the group plans to increase the volume of its operations in the country in the future.