The AUKN proposes an audit for the past 10 years of the operations of two NLB subsidiaries in Germany (LHB Internationale Handelsbank) and Switzerland (NLB InterFinanz AG), the former in particular responsible for vast losses in previous years.

It said the results of the audit would be used to assess the appropriateness of risk management and the potential launch of litigation in the event irregularities are discovered.

The vote of no confidence against the two management board members, David Benedek and Marko Jazbec, who have been with the bank since 2009, is sought due to "poor business results and deteriorating projections".

The AUKN move comes in the form of a request for the expansion of the agenda of the 14 December meeting of shareholders, where the bank will seek approval for a EUR 80m capital increase for conversion of conditionally convertible bonds.