Kinstellar has advised Nova Ljubljanska Banka d.d. on the conclusion of a share purchase agreement with the Republic of Serbia for the acquisition of an 83.23% ordinary shareholding in Komercijalna Banka a.d. Beograd, which will result in the third largest bank in Serbia.
The closing of the transaction, which is expected to occur in the last quarter of 2020, remains subject to mandatory regulatory approval from, among others, the European Central Bank, Bank of Slovenia, and the National Bank of Serbia.
NLB, a public company, which shares listed on the Ljubljana Stock Exchange, is the main entity of NLB Group, the largest banking and financial group in Slovenia, which has a strategic focus on selected markets in SEE. The largest shareholder is the Republic of Slovenia, which owns 25% plus one share.
Komercijalna Banka, founded in 1970 and transformed into a joint stock company in 1992, is listed on the Belgrade Stock Exchange. It offers retail and corporate banking services in Serbia, Bosnia and Herzegovina, and Montenegro. The transaction will increase KB’s market share by total assets to 12.1%.
The Kinstellar team was led by Head of C/SEE Asset Solutions Denise Hamer and Belgrade Managing Partner Branislav Maric and included Partner Selma Mujezinovic, Counsel Petar Grozdanovic, Managing Associate Dragana Bajic, Senior Associates Tijana Arsenijevic, Andreja Vrazalic, and Nikola Stojiljkovic, and Associates Ksenija Sorajic Bakovic, Milan Radonic, and Jelena Tripkovic.
Editor's Note: After this article was published CEE Legal Matters learned that Selih & Partnerji advised Nova Ljubljanska Banka on Slovenian law aspects of the deal, ODI Law advised it on North Macedonia aspects, the Sajic Law Firm advised on Bosnian and Herzegovinian law aspects, Kalo & Associates advised on Kosovo law aspects, and Radonjic Associates advised on Montenegrin law aspects.