he consortium including insurer Zavarovalnica Triglav and conglomerate Sava took the decision after reviewing a report by its financial consultant, the investment bank ING, on the process in December, Sava said in written statement on Friday.

ING notified the consortium that despite the interest expressed by some potential investors, binding bids had not been produced, the release said, adding that Sava would resume the activities to restructure its investment portfolio, including in the banking sector.

The consortium comprising Sava (23.83%) and nine other companies with a combined 50.1% shareholding in Abanka Vipa announced its intention to sell the bank as early as November 2010. In October 2011, the consortium was joined by Zavarovalnica Triglav increasing the stake on offer to 75.72%.