July 29, 2016 / 3:06 PM / in a year

Owners to sell majority in Slovenia's Gorenjska Banka

LJUBLJANA, July 29 (Reuters) - Several owners of Slovenian bank Gorenjska Banka signed an agreement to jointly sell their stakes, which together exceed 50 percent, Gorenjska’s largest owner finance and tourism company Sava, said on Friday.

“In this way we expect to achieve a better selling price,” Sava said, adding that selling its stake in Gorenjska is a part of the financial restructuring of heavily indebted Sava.

Sava, which owns 37.7 percent of Gorenjska, did not reveal which other shareholders are selling their stakes nor the exact amount of Gorenjska’s shares that are on sale.

In January, Serbian bank AIK bought 13.9 percent of Gorenjska, becoming the second largest owner of the bank, by purchasing most of Gorenjska’s new shares which were issued with the purpuse of raising fresh capital as demanded by Slovenia’s central bank.

Last year, the Bank of Slovenia ordered Sava to sell its stake in Gorenjska, which is among smaller local banks. The central bank said Sava did not have the financial strength to give Gorenjska the financial support it needs. (Reporting By Marja Novak; Editing by Elaine Hardcastle)

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