Komercijalna Banka has been sold to the Slovenian Nova Ljubljanska Banka (NLB) for around EUR 450 million, Vecernje Novosti reports.
The daily writes that they have been confirmed that NLB has bought the largest Serbian state bank – Komercijalna Banka.
Not even the record-breaking year 2019, during which Komercijalna Banka earned EUR 75.3 million, was enough for the decision-makers to change their minds, pushing for the sale until the end, Novosti writes.
The Slovenian bank is therefore to get a financial institution which covers nearly 11% of the domestic market.
The offer made by NLB amounted to EUR 450 million, or slightly less than six last year's earnings of Komercijalna Banka. The daily says that there are no confirmations that this is the final price.
In order to acquire the majority control the state paid slightly over EUR 260 million to minority shareholders in 2019 for 41.47% of the ownership, which means that around EUR 190 million will be left over from the new transaction, if it is made at the initial price.