NLB acquired the remaining 9.8% stake in Komercijalna Banka for EUR 61.7m, which puts the transaction multiple at P/B 1.01x.
NLB successfully squeezed out the remaining shareholders of NLB Komercijalna banks and became the owner of 100% of the shares of the Serbian bank. Prior to the squeeze-out process, NLB owned 90.2% of the share capital and 91.7% of the voting rights of NLB Komercijalna banka. During the squeeze-out process, NLB acquired 1,528,110 regular shares and 316,260 preferred shares, amounting to EUR 61.7m. The process was conducted in accordance with the Serbian Companies Act. NLB noted this acquisition further strengthens NLB’s market position in one of the key markets for achieving NLB Group’s strategic ambitions. NLB acquired the remaining share capital at the P/B multiple of 1.01x.
About Komercijalna Banka
Komercijalna Banka is the 4th largest bank by total assets in Serbia, which is the largest market in the SEE region in terms of bankable population. Komercijalna Banka added more than 770,000 active retail clients and the largest branch network in the country with 203 branches to NLB’s existing operations in Serbia.
To read more about Komercijalna Banka click here.
