Sale of NLB Bank Sofia

Bulgaria’s banking sector is likely to experience a reshuffle, which will mainly affect smaller financial institutions following suit with the restructuring of the European market caused by the financial turmoil. The move will affect the Bulgarian arm of Nova Ljubljanska Banka (NLB), NLB Bank Sofia, as part of the Slovenian bank’s measures to secure €250mil to replenish its capital. The Slovenian lender will keep its divisions in Montenegro, Macedonia, Kosova and Bosnia and Herzegovina. NLB Bank Sofia confirmed its parent’s plans to sell the unit, with a possible deal expected within up to two months. The Slovenian bank has allowed three potential buyers to conduct due dilligence on its Bulgarian arm, but no takeover bids have been submitted so far.

Source: Sofiaecho