The deal will make BKS the biggest brokerage in Slovenia six months after it acquired another brokerage, Gorenjska borznoposredniška družba (GBP). Both deals still need to be approved by regulators.

It also signals the final stages of consolidation in the Slovenian asset management industry, which started with the financial crisis in 2009, when Alta was created with the merger of three brokerages to become the no. 3 player on the Ljubljana Stock Exchange (LJSE).

Since then it purchased additional brokerage and asset management businesses, mostly from banks, as well as investment funds, to become the largest financial group on the LJSE.

Finance says that the Slovenian brokerage and funds market is small, with few players and low trading volumes, whereas regulatory demands have been increasing the costs of doing business and of compliance.

Zavarovalnica Triglav confirmed buying the funds business for EUR 21.7m and said the transaction was in line with its long-term strategy of making funds the second pillar of the group's operations.

It said Alta had a 10% market share on the mutual funds market and managed EUR 270m in assets, which will add to Triglav's 26% market share.