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The news comes after NKBN bank sold a 50.99% stake in Zavarovalnica Maribor for EUR 65m to Sava Re and the state-owned SOD fund, the latter only holding on to the stock until Sava Re gets sufficient funds with a capital increase.

Sava Re shareholders endorsed a EUR 55m capital hike to finance the acquisition in mid-January.

The recapitalisation is to be completed by June and the full acquisition of Zavarovalnica Maribor will make Sava Re the no.2 player on the insurance market in the country.