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Acquisition of Komercijalna Banka in September – NLB Officially Files Request
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Nearly four months ago, it was announced that Nova Ljubljanska Banka (NLB) was to buy Komercijalna Banka. The realization of this transaction is finally coming to a close, as the National Bank of Serbia has finally been sent an acquisition request.
In the next two months, the NBS should reach a decision approving the acquisition, and NLB will have to take over the ownership before the adoption of the first next annual financial reports and reviewed financial reports, or the approval is no longer valid, Novosti writes.
According to earlier announcements, NLB should take over the ownership over the bank by the final quarter of the current year. According to experts and the law, before the transaction is finalized, mandatory regulation permits and approvals from, among others, the European Central Bank, the Bank of Slovenia and the National Bank of Serbia, must be obtained.
– Each change of ownership in the bank with the seat in Serbia which would enable the acquisition of 5% and more voting rights in the bank is subject to the obligation of obtaining a previous authorization from the National Bank of Serbia – the NBS says.
In the upcoming months, the NBS will look into the validity of the request and the accompanying documentation.
– After that, we will examine whether the requirements pertaining to the financial state, the business reputation and the strategic goals of the potential acquirer of ownership in the bank are met and assess whether all the requirements defined by the Law on Banks, the NBS' regulations based on the law, internal acts and the NBS procedures, all of which is the legal framework for deciding on the submitted request, are fulfilled – the NBS explains.
The NBS is to decide on the request for issuing previous authorization for the acquisition of an ownership in the bank within 60 days of the reception of the request and the documentation. It is to issue a decision either approving or rejecting the request depending on whether the requirements are met.
– It also sets the deadline within which the applicant may acquire the approved ownership. For legal entities, the deadline is before the adoption of the first next annual financial reports and reviewed financial reports – the NBS explains.
In the next two months, the NBS should reach a decision approving the acquisition, and NLB will have to take over the ownership before the adoption of the first next annual financial reports and reviewed financial reports, or the approval is no longer valid, Novosti writes.
According to earlier announcements, NLB should take over the ownership over the bank by the final quarter of the current year. According to experts and the law, before the transaction is finalized, mandatory regulation permits and approvals from, among others, the European Central Bank, the Bank of Slovenia and the National Bank of Serbia, must be obtained.
– Each change of ownership in the bank with the seat in Serbia which would enable the acquisition of 5% and more voting rights in the bank is subject to the obligation of obtaining a previous authorization from the National Bank of Serbia – the NBS says.
In the upcoming months, the NBS will look into the validity of the request and the accompanying documentation.
– After that, we will examine whether the requirements pertaining to the financial state, the business reputation and the strategic goals of the potential acquirer of ownership in the bank are met and assess whether all the requirements defined by the Law on Banks, the NBS' regulations based on the law, internal acts and the NBS procedures, all of which is the legal framework for deciding on the submitted request, are fulfilled – the NBS explains.
The NBS is to decide on the request for issuing previous authorization for the acquisition of an ownership in the bank within 60 days of the reception of the request and the documentation. It is to issue a decision either approving or rejecting the request depending on whether the requirements are met.
– It also sets the deadline within which the applicant may acquire the approved ownership. For legal entities, the deadline is before the adoption of the first next annual financial reports and reviewed financial reports – the NBS explains.
Companies:
Nova Ljubljanska banka d.d. Ljubljana
NLB Banka a.d. Beograd
NLB Komercijalna banka AD Beograd
Narodna banka Srbije Beograd
European Central Bank Germany - Evropska Centralna Banka
Banka Slovenije Ljubljana
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