REG - Nova Ljubljanska - Acquisition

Nova Ljubljanska Banka dd LjubljanaAnnouncement

08/08/2024 18:30

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RNS Number : 8103Z  Nova Ljubljanska Banka d.d.  08 August 2024

August 8, 2024

 

NLB receives all regulatory approvals to acquire Summit Leasing

 

Pursuant to the provisions of the Rules of the Stock Exchange, Article 17 of
the Regulation (EU) No. 596/2014, and Article 130 of the Market in Financial
Instruments Act (ZTFI-1), Nova Ljubljanska banka, d.d., Ljubljana with
registered office: Trg republike 2, 1000 Ljubljana, hereby publishes the
following notice:

 

NLB d.d. announces it has obtained all required regulatory and supervisory
approvals in relation to the completion of the transaction contemplated in the
Sale and Purchase Agreement (the "SPA"), to acquire a 100% shareholding in SLS
HOLDCO, holdinška družba, d.o.o., the parent company of Summit Leasing
Slovenija d.o.o., and its subsidiaries ("Summit Leasing") from funds managed
by affiliates of Apollo Global Management Inc. ("Apollo Funds") and the
European Bank for Reconstruction and Development ("EBRD").

 

After first obtaining the approval by the Croatian Financial Services
Supervisory Agency (HANFA) at the end of June, followed by the Slovenian
Competition Protection Agency (AVK) in mid-July, the European Central Bank
(ECB) also gave the green light for the transaction to be completed.

 

"On behalf of the NLB Management Board and the whole team working intensively
on this project, I would like to express our deepest gratitude and respect to
all regulatory bodies involved in the process, therefore HANFA and AVK
agencies, as well as the Bank of Slovenia and European Central Bank for their
highly efficient and professional decision taking. Acquisitions of market
leading franchises are always challenging; therefore, we genuinely appreciate
their diligence, transparency and constructive attitude, resulting in the
positive outcome for NLB Group and Summit Leasing's underlying business and
talents," commented NLB's CEO Blaž Brodnjak.

 

Transaction closing expected in mid-September

 

With the Summit Leasing SPA, dated 30 November 2023
(https://www.nlb.si/press-release-30-11-2023) , NLB Group announced a new
milestone in the development of the Group and the services and solutions it
offers to its clients in the markets of its home region, South-Eastern Europe.

 

Leasing is one of the strategic activities of the NLB Group. Its services
address clients' needs well, which is why NLB Group decided to gradually
expand this activity. After first entering the Slovenian market with NLB
Lease&Go in the spring of 2020 and new leasing companies established
within the Group in 2022 in North Macedonia and Serbia, the announcement of
the SPA came as no surprise to anyone who has closely followed the development
of the NLB Group over the past few years.

 

Leasing services offered by the NLB Group members complement the bank's
lending services and enable retail and corporate clients to choose the option
that best addresses their needs, situation, and preference. Leasing will
become a significant part of the Group. It was organically planned that in its
mature phase, it would contribute more than EUR 1 billion to the total assets
of the Group, yet with the Summit Leasing acquisition this ambition has been
significantly accelerated.

 

"NLB Group's goal is for our leasing companies to become the leaders in the
field of movables across our region and to play an important role in mobility
in the markets of our presence. Summit Leasing's extensive dealer network in
Slovenia will complement our digital and direct model and therefore provide
the enlarged business with an omnichannel distribution platform that will be
well positioned for future growth across our home region," further emphasized
NLB's CEO.

 

Subject to certain preparatory steps, the transaction is expected to be
completed in mid-September 2024, with merger of both subsidiaries NLB
Lease&Go and Summit Leasing expected in the second quarter of 2025.

 

As usual, we will keep all interested stakeholders informed about the entire
process with further announcements being made in due course.

 

Investor Relations

NLB d.d., Ljubljana

 

 

 

 

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