The Slovenia Times

Sale of Raiffeisen banka to US fund Apollo completed

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The contract on the sale of Raiffeisen banka for an undisclosed sum to the company which also owns Slovenian bank NKMB bank was signed last December, while the takeover procedure was formally completed today.

The move comes after Apollo Global Management and the European Bank for Reconstruction and Development (EBRD) acquired in June 2015 NKBM, the state-owned Maribor-based bank, which now Slovenia's no. 3 bank.

Apollo senior partner Gernot Lohr said on the occasion that this was another important step towards establishing a leading bank in Slovenia and solidifying its position in Maribor.

"We are here to stay," he said, adding that Slovenia was a good location for investment.

The goal is to improve the services for clients, while remaining a good employer, according to Lohr, who said that no lay-off were being planned KBS banka.

Raiffeisen banka chairman Gvido Jemenšek meanwhile welcomed the new owner, saying that it was a "strong owner who is seriously entering the Slovenian market."

The bank's supervisory and management boards were also overhauled as part of the takeover procedure.

For the time being, NKBM and KBS banka will operate as separate entities, while a merger is planned after 2017.

KBS banka has around 60,000 clients and 220 employees, while NKBM is approximately three times bigger in this respect.

The financial details of the sale remain a secret, but Apollo does not hide the ambition to acquire more banks. "In a country of Slovenia's size you need to have around a 25% market share," said Lohr.

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