September 1 (SeeNews) - The merger of Slovenian lender Nova Kreditna Banka Maribor (NKBM) with local peer Postna Banka Slovenije (PBS) become legally effective on Thursday following a decision of the District Court of Maribor to enter it into the court register.
Postna banka Slovenije has ceased to exist as an independent legal entity, with all its obligations and rights transferred to Nova KBM, its legal successor, the latter said in a filing with the Ljubljana bourse.
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"The registration of the acquisition with the relevant court represents a key milestone in the process of integrating Postna banka Slovenije and Nova KBM as well as the start of an important period in which the Nova KBM Group´s banking operations will be subject to further consolidation", NKBM noted.
The composition of the Nova KBM management board will remain unchanged, while Postna banka Slovenije´s corporate brand will gradually be replaced by the corporate brand and the overall corporate identity of its successor.
"This merger will help Nova KBM strengthen its market position and pursue the strategic objective of becoming the leading bank in Slovenia", NKBM also said.
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.
Nova Kreditna Banka Maribor d.d. is among the biggest banks in SEE. You can download our SEE Top 100 ranking
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