Slovenian SAVA Re announced it got the approval from the Macedonian Agency for Supervision of Fully Funded Pension Insurance (MAPAS) and the required approvals from other competition authorities for the acquisition of NLB Nov penziski fond AD Skopje.

"Thereby it satisfied all suspensive conditions set out in the sales contract dated 12 December 2017".

On 13 March 2018, SAVA Re acquired, in the Macedonian stock exchange, 21,200 shares of the target company from NLB d.d. Ljubljana and NLB banka AD Skopje, representing 100% of the share capital of NLB Nov penziski fond AD.

With this acquisition, SAVA Re entered the pension market of the Republic of Macedonia "in line with its strategy of expanding its pension insurance operations and strengthening its position in the Western Balkans".

SAVA Re mentioned it will continue its cooperation with the NLB Group as NLB Banka AD Skopje will continue selling the pension products of this pension company through its banking outlets.