December 12 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said on Tuesday it has signed a deal with Slovenia's biggest bank, NLB, and its Skopje-based subsidiary, NLB Banka AD Skopje, to acquire all shares of pension fund NLB Nov penziski fond AD Skopje.
The signing of the purchase contract concludes the sales procedure started by NLB and NLB Banka AD Skopje on March 17 of this year, Sava Re said in a filing to the Ljubljana bourse.
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The ownership of the target company shares will be transferred to the acquirer following regulatory approval.
"The companies of the NLB Group and the Sava Re Group have been cooperating successfully in the Macedonian market for a number of years and will continue to do so as NLB Banka AD Skopje will keep on marketing pension products of the pension fund through its banking network", Sava Re said.
By acquiring all the shares of NLB Nov penziski fond AD, Sava Re added, it will also enter the pensions market of Macedonia, thereby achieving its strategic objectives and consolidating its position as a major insurance group in the Western Balkans.