KBC closed sale of NLB Vita to SAVA Re

2 June 2020 —
Slovenian Life insurer NLB Vita becomes part of the SAVA Insurance Group one of the top three insurance groups in the Adria region, after on May 29 the two involved parties KBC Insurance and Nova Ljubljanska banka closed the transaction announced on 27 December 2019.

"The transaction has a negligible impact on KBC Group's P&L and capital ratio and fits in perfectly with the Group's strategy to focus on its core markets. KBC now has completely withdrawn from the Slovenian market, which is non-core to KBC. At the same time, NLB has fulfilled its last commitment towards the European Commission, in connection with the state aid proceedings", announced theBelgian financial group on its website.

On 29 May 2020, having met all the suspensive conditions under the sales agreement of 27 December 2019, "SAVA Re d.d. acquired a 100% stake in the share capital of NLB Vita d.d. The long-standing bancassurance partnership between NLB Vita and the bank NLB d.d. will continue to develop, as the bank remains the primary sales channel. The strengthening of partnerships with banks and the development of the bancassurance sales channel is an important strategic objective for the SAVA Insurance Group, the Slovene re-insurance group pointed out in a statement.