The new Slovenian Government would be willing to consider increasing the ownership stake of foreigners in Nova Ljubljanska Banka (NLB), the largest domestic financial institution.
"NLB should operate with sufficiently high-quality capital and with a business policy that would enable it to expand into markets vital for the Slovenian economy," said Mitja Gaspari on Monday, taking over the duties of Minister of Development and European Affairs in the new Government. Gaspari, who is also a member of the ministerial coordination for finding a way out of the financial crisis and recession, stated that he sees no reason why the Belgian banking group KBC should not acquire 49 percent of NLB shares and enable additional recapitalization of the largest Slovenian bank.
KBC purchased 34 percent of NLB shares in 2002, but last year, after the former Government of Janez Janša did not allow the bank to increase its ownership stake, announced its withdrawal from Slovenia and the sale of its shares, which it has been negotiating with the British fund Apax for the last three months. Gaspari stated that if a foreign shareholder increases its ownership stake in NLB to 49 percent, consideration should also be given to consolidating the remaining package of shares that is mostly state-owned, so that these shares are not too dispersed among several quasi-state funds as they are now. The possible increase in KBC’s stake or allowing another foreign bank to acquire up to 49 percent of NLB shares was also supported on Monday by Matej Lahovnik, the Minister of Economy in Borut Pahor’s Government. (H)
