April 12, 2019 / 4:02 PM / 2 months ago

UPDATE 1-Slovenian bank NLB to cut 2018 dividend to 7.13 euros

(Adds share back buying programme, subordinated bonds)

LJUBLJANA, April 12 (Reuters) - Slovenia’s largest bank Nova Ljubljanska Banka (NLB) plans to cut its dividend to 7.13 euros ($8.07) per share from 13.53 euros paid last year, NLB said in a statement on Friday.

It also said it plans to buy back some of its own shares over a period of 3 years, adding further details will be available later in April.

The dividend payment and the share buyback will have to be confirmed by shareholders at their meeting on June 10, it said.

NLB also said it will issue up to 75 million euros of subordinated Tier 2 notes which will expire in May 2029 and will carry a fixed coupon interest rate of 4.2 percent over the first five years. The notes will be offered to invited qualified investors from April 15 to April 26.

The bank said in February its group net profit fell by 10 percent to 203.6 million euros last year, mainly due to higher income tax.

Slovenia sold 65 percent of NLB through an IPO in November while it plans to sell another 10 percent of the bank later this year. The state will keep 25 percent of the bank to have a say in key business decisions. ($1 = 0.8837 euros) (Reporting By Marja Novak; editing by David Evans)

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