October 12, 2018 / 10:07 AM / 10 months ago

Slovenia's NLB bank to pay dividends ahead of privatisation

LJUBLJANA, Oct 12 (Reuters) - Slovenia’s largest bank state-owned Nova Ljubljanska Banka (NLB), which is due to be privatised by the end of the year, will pay 270.6 million euros ($313.49 million) in dividends to the state budget, NLB said in a statement on Thursday.

The dividends will be paid in October from the bank’s profit for 2017 and accumulated profits from previous years, it said, adding the payment was approved by the European Central Bank.

NLB reported in April that it had almost doubled its group net profit in 2017 to 225 million euros, partly due to a fall in bad loans.

Slovenia will sell up to 75 percent of NLB through an initial public offering this year. It pledged to sell a majority stake in the bank in exchange for the European Commission’s approval of state aid to the bank in 2013.

It plans to retain a 25 percent stake in order to have a say in NLB’s business decisions.

$1 = 0.8632 euros Reporting by Marja Novak; editing by Jason Neely

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