Software Group to Obtain an Investment Loan from the European Investment Bank
The global technology company Software Group signed an agreement with the European Investment Bank to obtain an investment loan of EUR 18 million. The European Investment Bank chose Bulgaria to fund a project with money from the European Strategic Investment Fund. Funding will be used in two areas - R&D and Innovation, Business Development and Marketing. Over the next three years, the company will focus on developing new technologies, platforms and products in the field of insurance, factoring and Internet of Things (IoT).
NNDKP at "Garnishment, Enforcement Procedure with an Impact on Banking Activity" Seminar
NNDKP was at the seminar “Garnishment, enforcement procedure with an impact on banking activity” organised by The Association of Banking and Financial Legal Counsels. The event took place on 9 November 2018 in Bucharest.
Daniela Gramaticescu, Partner in the Dispute Resolution department, was invited as a speaker and talked about the issues related to garnishment validation.
Polenak Law Firm Advises EBRD in a EUR 10 million Loan Transaction
Polenak Law Firm acts as local legal counsel to EBRD in a EUR 10 million loan transaction to Sparkasse Banka Makedonija. EBRD provides EUR 10 million loan to Sparkasse Banka Makedonija for on-lending to Macedonian SMEs. Companies will also receive EUR 1.5 million worth of grants from the EU IPA, under the EBRD-run regional Western Balkans SME Competitiveness Support Programme. At least 60 per cent of financing will be invested in sustainable energy improvements by SMEs.
More information is available at https://www.ebrd.com/news/2018/ebrd-and-sparkasse-banka-makedonija-will-increase-finance…
Next Step in the Sale of NLB
As previously reported, the largest Slovenian bank is to be sold by the end of 2018.
On 15 October 2018, The Republic of Slovenia, acting through Slovenian Sovereign Holding ("SSH"), and Nova Ljubljanska banka ("NLB") announced the intention to proceed with an offering to the public and listing of NLB's ordinary shares on the Ljubljana Stock Exchange and of the global depositary receipts representing NLB's ordinary shares on the London Stock Exchange. The offer refers to at least 50% of the existing shares plus one share and up to 75% of the existing shares less one share.
On 26 October 2018,…
Sale of Addiko Bank
Reuters has recently reported that the private equity group Advent is starting preparations for an initial public offering ("IPO") or sale of its Vienna-based Addiko bank, which emerged from the collapse of Hypo Alpe Adria Bank.
Unofficially, investments banks Goldman Sachs and Citi are working with Advent on the exit process which could take place next year.
Addiko has a strong presence in the Balkans with retail banking operations in Slovenia, Croatia, Bosnia-Herzegovina , Serbia and Montenegro.
Abanka Bank for Sale
Slovenian Sovereign Holding has started the privatization process of the third largest bank in Slovenia – Abanka d.d. ("Abanka"). The envisaged transaction includes the sale of 100% of shares in Abanka and its subsidiaries (i.e. two companies operating in real estate and property management). BNP Paribas SA is acting as an exclusive financial adviser.
Abanka is fully owned by the Republic of Slovenia and managed by the Slovenian Sovereign Holding, and has:
9,6% market share in Slovenia
total assets of around EUR 3,6 mrd (2017)
net income of EUR 42 m (2017)
55 branch offices in Slovenia
1.035…
Komercijalna Banka’s Shares on Sale
The Republic of Serbia is yet to officially announce the sale of its share (41.7%) in Komercijalna banka a.d.
The target is the second largest bank in Serbia with approximately 11% of the market share. The value of the transaction is unknown but shares of Komercijalna banka are currently under high demand on the Serbian Stock Exchange at a price of approximately EUR 17 per share.
