December 17 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said on Thursday it has acquired from lender Nova Kreditna Banka Maribor (NKBM) a 45% stake in pension company Moja Nalozba Pokojninska Druzba.
The deal is conditional on getting relevant approvals from the Insurance Supervision Agency and the Competition Protection Agency, Sava Re said in a filing to the Ljubljana bourse.
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After the conclusion of the deal, Sava Re Group will become the owner of 100% of the pension insurer.
NKBM's exit is part of the group's consolidation and restructuring strategy for greater focus on its core banking business.
Save Re targets a consolidated net profit of 30.1 million euro ($32.7 million) this year on a 1.8% increase in consolidated gross premiums written to 476.5 million euro.
($=0.921169 euro)