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LJUBLJANA (Slovenia), March 13 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said on Tuesday it has become owner of 100% of pension fund NLB Nov penziski fond AD Skopje in Macedonia after obtaining all necessary regulatory approvals.
Sava Re has obtained approval from the Macedonian agency for supervision of fully funded pension insurance (MAPAS) and the required approvals from other competition authorities for the acquisition of the company from Slovenia's biggest bank, NLB, and its Skopje-based subsidiary, NLB Banka AD Skopje, it said in a filing to the Ljubljana Stock Exchange.
Thereby Sava Re satisfied all suspensive conditions set out in the sales contract of December 12, 2017, it added
The transaction was carried out on the Macedonian Stock Exchange on March 13.
"With this acquisition, Sava Re entered the pension market of the Republic of Macedonia in line with its strategy of expanding its pension insurance operations and strengthening its position in the Western Balkans," the company said.
It added it will continue its cooperation with the NLB Group as NLB Banka AD Skopje will continue selling the pension products of this pension company through its banking outlets.