Slovenia's NLB Bank Completes Sale of Bulgarian BranchFinance | April 6, 2011, Wednesday // 16:56| views
TBIF Financial Services BV bought NLB Banka Sofia AD, the Bulgarian branch of the largest Slovenian bank, Nova Ljubljanska Banka (NLB), for an undisclosed price on Wednesday.
The bank is also carrying out the sale of several other investments on non-strategic markets, including LHB Frankfurt and Vienna-based Adria Bank as well as non-core investments.
NLB decided to scale back its operations in a number of European countries, including Bulgaria, at the end of last year as part of a strategy to improve capital strength ahead of the EU banking stress tests.
The government controls 48.6% of NLB, while Belgian banking and insurance group KBC, which owns in Bulgaria CIBank and DZI Insurance, holds a 30.6% stake.
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