LJUBLJANA (Slovenia), June 1 (SeeNews) – Slovenian reinsurer Sava Re said it has completed the purchase of life insurer NLB Vita from its owners - local lender Nova Ljubljanska Banka (NLB) and Belgium-based peer KBC, for an undisclosed price.
The transaction was completed on May 29, after Sava Re met all suspensive conditions under the sales agreement signed in December 2019, it said in a statement with the Ljubljana bourse on Friday.
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"The long-standing bancassurance partnership between NLB Vita and the bank NLB d.d. will continue to develop, as the bank remains the primary sales channel. The strengthening of partnerships with banks and the development of the bancassurance sales channel is an important strategic objective for the Sava Insurance Group," Sava Re said.
According to 2018 data, NLB Vita was the second largest life insurer in Slovenia with a market share of 14.8%, Sava Re said back in December.
The company was established as a 50/50 joint venture of NLB and KBC.
Sava Re's shares traded at 16.50 euro by 14:08 CET on Monday on the Ljubljana bourse, up from 15.90 euro at Friday's close.
($=0.900491 euro)
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