Ljubljana, 05 December (STA) - NKBM bank has received clearance from the Competition Protection Agency to acquire rival Abanka. The EUR 444 million transaction will be completed once the banking regulator has okayed the deal as well.
Until the formal closure of the transaction the banks will conduct business as separate entities, NKBM said in a press release on Thursday.
NKBM, Slovenia's second largest bank, acquired the no. 3 on the market from the Slovenian Sovereign Holding in June.
The two banks combined will have a market share roughly equivalent to the current market leader, NLB.
NKBM's owner, the US private equity fund Apollo is expected to consolidate and sell the combined bank in a few years.