February 13, 2019 / 9:59 AM / 8 months ago

Serbia's AIK bank acquires majority of Slovenia's Gorenjska Banka

LJUBLJANA, Feb 13 (Reuters) - Serbian bank AIK said on Wednesday it now owned a majority of Slovenia’s Gorenjska Banka and was launching a bid for the remaining shares.

AIK said it had raised its stake in Gorenjska to 77.7 percent from 33.8 percent over the past three weeks and offered 298 euros per outstanding share, valuing the whole bank at 115.6 million euros ($131.00 million).

The offer expires on March 13, AIK said. Gorenjska is Slovenia’s seventh largest bank measured by balance sheet assets, with a market share of about 4.7 percent.

AIK first made a bid for Gorenjska a year ago. However, the deal fell through after the Serbian and Slovenian central banks revoked permission for the takeover after the Serbian central bank discovered irregularities in AIK’s operations and said the acquisition could further worsen AIK’s financial position.

Since then the irregularities have been removed and both central banks renewed permission for the takeover late last year.

$1 = 0.8825 euros Reporting By Marja Novak; Editing by Kirsten Donovan

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