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, 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
