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Slovenian central bank orders Sava to sell Gorenjska Banka stake

Wed 14th October, 2015 11:24am
LJUBLJANA, Oct 14 (Reuters) - Slovenian finance and tourism 
company Sava  SAVA.LJ  must sell its stake in domestic lender 
Gorenjska Banka within six months, the Bank of Slovenia said on 
its website on Wednesday. 
    Gorenjska was one of eight Slovenian banks that failed the 
country's stress tests, or financial health checks, in December 
2013 and is the only one that still needs to raise capital. 
    "Sava does not have the financial strength to give Gorenjska 
Banka and its business the financial support it needs," the 
central bank said. 
    In March, the central bank said Gorenjska had a capital 
shortfall of 58 million euros ($66 million) which had to be 
covered by the end of 2015. Gorenjska said it would look for a 
strategic investor and would not need state aid.  urn:newsml:reuters.com:*:nL5N0W43FY 
    Sava, which is the largest shareholder in Gorenjska, said in 
June it was planning to sell its 44.07 percent in the bank, but 
it has not found a buyer so far.  urn:newsml:reuters.com:*:nL5N0YW4H1     
    Sava is struggling with large debts, put at 235 million 
euros by local media. Other shareholders in Gorenjska are mostly 
local companies and banks. 
    The Slovenian government poured more than 3 billion euros 
into local banks in 2013 to prevent them from collapsing under a 
large amount of bad loans, avoiding an international bailout. 
($1 = 0.8766 euros) 
 
 (Reporting by Marja Novak; editing by David Clarke) 
 ((Marja.Novak@thomsonreuters.com; +386-1-5058805; Reuters 
Messaging: marja.novak.thomsonreuters.com@reuters.net)) 
 
Keywords: SLOVENIA BANK/
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