LJUBLJANA (Slovenia), December 15 (SeeNews) – Slovenian lender Abanka said on Thursday it has successfully completed the sale of its Ljubljana-based subsidiary Afaktor to A.B.S. Global Factoring from Germany for an undisclosed price.
"Abanka served in the role of financial consultant in the search for a strategic investor on the domestic and international markets," the bank said in a Ljubljana bourse filing.
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A.B.S. Global Factoring is one of the largest privately owned factoring groups in Germany, and is also present on the markets of Switzerland, Austria and Sweden, Abanka added.
Afaktor, which was 100% owned by Abanka, ranks among the leading providers of factoring services in Slovenia.
In 2013, the Slovenian government had to step in and recapitalise Abanka whilst also seizing control of the bank. In October 2015, Abanka and its state-owned peer Banka Celje merged. The latter ceased to exist as an independent legal entity, whilst Abanka as the acquiring company and as Celje's universal legal successor entered all legal relations concerning its peer.