Apollo and EBRD to acquire Nova KBM, a financial group in Slovenia
Today, the Slovene Sovereign Holding (SSH), Apollo Global Management LLC (Apollo) and the European Bank for Reconstruction and Development (EBRD) signed the agreement concerning the sale of a 100% shareholding of the Republic of Slovenia in Nova KBM. All relationships between Nova KBM and its customers remain unaffected by this transaction. Customer deposits placed with Nova KBM are safe, and the operations of Nova KBM are running smoothly. The buyers, Apollo and EBRD, will endeavour to ensure the further growth of Nova KBM, while developing its services and broadening its offerings. Moreover, they will make every effort to strengthen the relationships with Nova KBM´s corporate and retail customers, as well as its other stakeholders. With a strong and ambitious owner, Nova KBM will be able to develop as a growing, stable and excellently managed bank.
Following the withdrawal of restrictions related to its state support, Nova KBM will be in a position to increase its market share and demonstrate its business potential to both existing and new customers. On the occasion of today´s signing of the sale agreement, Robert Senica, President of the Nova KBM Management Board, emphasised, among other things, that Nova KBM has been actively and constructively involved in all stages of the sale process. Actions related to today´s signing are expected to be taken over the next few months (acquisition of approval from the relevant supervisory bodies, the payment of the purchase consideration, and the transfer and registration of the shareholding – i.e. the closing of the sale process).
“Irrespective of the processes that will follow today´s signing, the existing contractual relationships of Nova KBM remain unchanged. Customer deposits placed with Nova KBM are safe, and both Nova KBM and its group will continue to uninterruptedly provide the whole range of their services”, Robert Senica said upon the signing of the agreement between SSH and the buyers concerning the sale of Nova KBM.
Senica mentioned that he was happy with the results reported by Nova KBM recently. Nova KBM ended last year with a profit, and that trend has continued into this year. He also expressed his contentment with Nova KBM´s implementation of commitments arising from the adopted restructuring programme, stating his belief that the latter will continue to be carried out smoothly in accordance with the established strategy. Senica sincerely thanked his team members for their excellent work, as well as for the persistence and sacrifice they showed during the privatisation project.
Senica further believes that Nova KBM is getting a strategic owner that will be capable of utilising the full potential of Nova KBM, in addition to strengthening its market position, enhancing its competitive advantages, and continuing to maintain good relationships with both existing and new customers. These objectives are identical to those set out in Nova KBM´s business plan and restructuring programme. “It is important for Nova KBM to continue its development as a contemporary, efficient, flexible and innovative financial institution that meets the requirements of its customers and actively supports them on their development paths”, Senica also emphasised.
About Nova KBM Group
The Nova KBM Group ranks among the largest financial groups in Slovenia. The Group is composed of the parent company, Nova KBM, and thirteen other members that operate in Austria, Croatia, Serbia and Slovenia. In addition to providing mainstream banking products, the Group undertakes insurance activities, stock brokerage, investment in mutual funds, leasing services, real estate investment management and financial advice, amongst others.
Source: Nova KBM Press Release