Nova Ljubljanska Banka completed the acquisition of an 83% stake in Komercijalna Banka for €387m.

Nova Ljubljanska Banka, the largest banking and financial group in Slovenia, completed the acquisition of an 83% stake in Komercijalna Banka, a bank founded in 1970 with headquarters in Belgrade, Serbia, for €387m ($420m). "The acquisition of Komercijalna Banka represents another very important milestone in NLB's development following the successful conclusion of NLB's own privatisation process in 2019. As the largest of our core foreign markets, strengthening our presence in Serbia in a controlled and value accretive manner has been a key strategic priority for the group. As a result of the transaction, NLB's market share in Serbia will increase to over 12.1% by total assets, making NLB the third largest banking group in the country with a very unique position of one of leading banks in all markets of Group's presence. NLB's operations in Serbia will be by far the largest outside of Slovenia, underlining the meaning of the respective transaction for the regional systemic financial institution," Blaž Brodnjak, NLB CEO.