Slovenian Sava Re Acquired NLB Nov penziski fond AD Skopje

14 December 2017 — Daniela GHETU
Slovenian Group Sava Re will buy a 100% stake in NLB Nov penziski fond AD Skopje, a Macedonian pension fund owned by NLB bank, with assets under management of EUR 370 million.

The transfer of shares will take place after all necessary approvals from competent authorities have been obtained.  

NLB d.d. Ljubljana owned a 51% of the share capital of NLB Nov penziski fond, the rest was owned by NLB Banka AD Skopje, a subsidiary of NLB d.d. Ljubljana, which sold its equity stake in NLB Nov penziski fond together with NLB d.d. Ljubljana.

On behalf of NLB d.d. Ljubljana and NLB Banka AD Skopje, the process was organized and managed by the Corporate Finance Division from NLB d.d. Ljubljana. The sales process was conducted openly. On 17.03.2017, NLB d.d. Ljubljana and NLB Banka AD Skopje informed the public through stock exchange information portals of the Ljubljana and Macedonian Stock Exchange about the start of the NLB Nov penziski fond shares sales process inviting all interested potential investors to contact NLB Corporate Finance.

Since NLB Nov penziski fond is a strategically important company for the Macedonian pension system, the NLB Group paid a lot of attention to controlling the fulfillment of legal conditions for shareholders of Macedonian pension companies by potential investors.

We believe that the new owner, Sava Re, meets the most stringent criteria in this regard. We are convinced that the new owner with its financial stability, as well as the experience and support of a powerful and stable Group Sava, will additionally contribute to the interests of the members of the pension funds managed by NLB Nov penziski fond.

Blaz BRODNJAK, President of the Management Board of NLB, said when the contract was signed: "With Sava RE, the company is getting a good strategic owner from the insurance sector, which will ensure not only stability, but also further development of this company, as it has been the case so far, in the best interest of its members. This transaction is yet another indication of how interested Slovenia is in cooperating with friendly nations and how quickly the Republic of Macedonia is pursuing its integration into the Euro-Atlantic structures."

Marko JAZBEC, Chairman of the Management Board of Sava Re d.d. Ljubljana, said:"Sava Re has acquired all the shares of the pension fund NLB Nov penziski fond AD Skopje, making a strategic entry into the Macedonian pension insurance market. In line with our development strategy, we pursue our growth strategy and vision of building a client-focused insurance group.

We are acquiring an important pension company with high-level expertise and business standards. The long-standing successful cooperation with the NLB Group in the Macedonian market will continue to grow in the future. Through our care for our clients, we will maintain the high-level confidence in the company and raise awareness about the importance of pension insurance".

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