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LJUBLJANA (Slovenia), January 4 (SeeNews) - Slovenia's Nova Kreditna Banka Maribor (NKBM) said the merger by acquisition of local peer KBS banka has become legally effective.
The transfer of all obligations and rights of KBS banka to its legal successor Nova KBM was registered with the District Court of Maribor on Tuesday, Nova KBM said in a filing to the Ljubljana bourse.
The merged Nova KBM has 70 offices and 17 business units serving corporate customers, in addition to providing services through more than 500 post offices and contractual post offices.
"Thus, Nova KBM has the largest branch network of any bank in Slovenia, while it ranks number two in terms of total assets, with its market share standing at 13.3% (according to the financial data for the end of September 2016)," the bank said.
The merger deal between NKBM and KBS was signed in October. NKBM was rescued by Slovenia's government alongside peers NLB and Abanka in late 2013 when the tiny Alpine state narrowly avoided an international bailout. At the time, NKBM was the nation's second largest lender.
KBS banka and Nova KBM have until now shared the same owners, namely global investment manager Apollo and the European Bank for Reconstruction and Development (EBRD).