FIMBank, the Malta-based specialist trade finance bank, has signed a EUR 4m contract to acquire 40% in Prvi faktor, the Ljubljana factoring firm co-owned by the state-owned NLB bank and SID export and development bank, with the option of extending its shareholding in the future.
The initial investment contract with FIMBank is in line with the NLB's strategic plan to offload non-strategic investments, which should enable Slovenia's largest bank to become successful, effective and competitive again, NLB said in a press release posted on the website of the Ljubljana Stock Exchange.
FIMBank is a financial institution registered in Malta and listed on the Maltese stock exchange.
The group has major stakes in several associated companies involved in factoring, forfaiting and trade financing.
Under the contract, FIMBank will subscribe to a 40% stake in Prvi faktor with the option to extend the shareholding to 60%.
On the stake's subscription, FIMBank, NLB and SID will sign an option agreement; the Maltese bank would issue a put option under which the Slovenian banks will be able to sell their remaining share or part of it within two years in case the Maltese bank exercises its right to increase its share to 60%.
If the put option is fully exercised by NLB and SID, FIMBank would become the sole owner of Prvi faktor.
Source: TheSloveniaTimes
