Nova Ljubljanska banka dd and KBC Group NV unit KBC Verzekeringen NV agreed to sell their respective 50% stakes in Slovenian life insurance joint venture NLB Vita dd to Sava Re, the parent company of Sava Insurance Group.

The financial terms of the deal, which is subject to regulatory approvals, were not disclosed.

The deal sees the Belgian group completely withdrawing from the Slovenian market, while the sale completes NLB's last commitment to the European Commission regarding state aid proceedings.

The transaction is expected to complete in the second quarter of 2020.