Nova Kreditna Banka Maribor (Nova KBM) has secured key regulatory nod regarding its previously announced acquisition of Abanka bank.

The Slovenian lender received green light from local anti-trust body the Slovenian Competition Protection Agency (AVK).

The approval will enable Nova KBM to advance with the acquisition, which still requires additional regulatory nods.

In a statement, Nova KBM president of the management board John Denhof welcomed the AVK decision.

He said: “It is an incredible opportunity for Nova KBM and Abanka to create a stronger combined bank, which is positive for the Slovenia’s economy.”

Abanka acquisition: Background

In June this year, Nova KBM signed an agreement to acquire domestic rival Abanka. The deal was said to be valued at €444m ($501m).

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Nova KBM will purchase 100% stake in Abanka from Slovenian Sovereign Holding (SSH), a government body. The government is pursuing the divestment of Abanka as part of its efforts to privatise the banking sector.

Abanka is the third largest bank in Slovenia by total assets. On the other hand, Nova KBM is the second largest bank in the country.

The combined bank is estimated to hold a market share of 22.5%.

Till the acquisition finalises, both the banks will continue to operate as independent legal entities.

“Nova KBM continues to invest its efforts in being the most accessible bank in Slovenia, its footprint will remain strong and operations present across all of its regions,” a Nova KBM statement added.