May 4, 2017 / 2:30 PM / 7 months ago

EU to approve delay in sale of Slovenia's NLB bank - report

LJUBLJANA, May 4 (Reuters) - The European Commission will next week approve a delay in the sale of Slovenia’s largest bank, state-owned Nova Ljubljanska Banka (NLB), Radio Slovenia reported on Thursday, citing unofficial sources.

It said the Commission would allow Slovenia to sell only 50 percent of the bank this year and another 25 percent by the end of 2018.

In 2013, Slovenia pledged to sell 75 percent of the bank by the end of 2017 in exchange for European Commission approval of state aid to NLB that year.

The Commission and the Slovenian Finance Ministry gave no immediate comment.

Slovenia plans to sell the unlisted bank through an initial public offering and hopes to get at least a billion euros for 75 percent of the bank.

The government plans to keep 25 percent of NLB in order to have a say in key business decisions, while no investor will be allowed to have a stake larger than the government‘s. (Reporting by Marja Novak; Editing by Mark Potter)

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