May 4 (SeeNews) - Slovenian business group Sava said its management board did not approve the sale of the company's stake in local lender Gorenjska Banka to Serbian peer AIK Banka.
Sava could not give its consent to the sale because AIK Banka had not submitted all the documents required for the transaction, it said in a statement on Thursday.
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On April 16, Sava gave AIK Banka until end April to provide written proof that it has obtained consent from Serbia's central bank, Slovenia's central bank and the European Central Bank. However, AIK Banka has failed to do so, Sava said.
Sava said on Thursday it will continue activities towards selling its shareholding interest in Gorenjska Banka.
Sava was ordered to sell its stake in Gorenjska by Slovenia's central bank in 2016. The business conglomerate is member of a consortium of Gorenjska Banka shareholders, formed in July 2016 with the intent to sell a combined holding of over 50%.
In February last year, Slovenia's central bank gave the green light to AIK Banka to increase its stake in Gorenjska Banka to more than 50%.
Currently, AIK holds a 21% stake in Gorenjska Banka.
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