Slovenia's NKBM, KBS banka to merge on January 3

Slovenia's NKBM, KBS banka to merge on January 3 Author: NKBM. License: All rights reserved.

LJUBLJANA (Slovenia), December 22 (SeeNews) - The merger of Slovenian lender Nova Kreditna Banka Maribor (NKBM) and local peer KBS banka is scheduled to take place on January 3, following the approval of the European Central Bank, NKBM said on Thursday.

The merger will become legally effective on the day it is entered into the court register, NKBM said in a Ljubljana bourse filing.

After merging with KBS banka, NKBM will continue to operate under its current name and its head office will remain in Maribor.

"On the day of the merger, KBS banka will cease to exist as an independent legal entity, and all its obligations and rights will be transferred to Nova KBM, its legal successor, without this causing any disruption to customer service", NKBM noted.

The merger will make it possible for Nova KBM to significantly strengthen its market position and to implement the ambitious goals of its owners, it also said.

The merger deal between the two banks was signed in October. NKBM said at the time that the merger will see it transform into one of the leading universal banks in the Slovene banking market.

NKBM was rescued by the government in Ljubljana 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.

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