The supervisory board appointed two additional board members, Mojca Osolnik Videmšek and Hans Hermann Lotter, pending clearance by the central bank. Srečko Korber will stay on as board member.

The news comes less than a month after police said it was investigating a EUR 10m fraud involving Gorenjska banka in connection with the management buyout of Merkur.

Trček and Korber are said to be among the prime suspects, according to media reports.

Trček retired less than a year after he was named chief executive for a second four-year term.

The management reshuffle comes at a crucial time for the bank, which has until the end of June to secure fresh capital.

Bank stress tests released in mid-December show it has a EUR 330m capital shortfall under the worst case scenario, though the actual amount of capital it will have to secure could be lower.