May 10 (SeeNews) - Slovenia's sovereign holding company SDH said it has confirmed plans to sell a 50% stake in Nova Ljubljanska Banka (NLB) by the end of the year, and a further 25% stake by the end of 2018.
The plan will be put into action as soon as this week, after SDH receives the approval of the European Commission to extend the period for the planned sale of a 75% minus one share in NLB until the end of next year, the holding company managing state assets said in a statement earlier this week.
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"NLB and SDH are implementing all the planned activities in preparation for the execution of this transaction, in cooperation with selected advisors and in accordance with set goals and timing", SDH noted.
In April, Slovenia's finance ministry said it has decided to seek permission from the European Commission to sell its 75% stake in NLB in two parts in order to achieve the best possible conditions for the sale.
Slovenia promised the European Commission it would privatise NLB within four years back in 2013.
NLB has been 100% state-owned since 2013, when the Slovenian government had to step in and recapitalise it and two other lenders - NKBM and Abanka, narrowly avoiding an international bailout.