January 23, 2020 / 3:06 PM / a month ago

Slovenia's bank NLB plans subordinated Tier 2 issue

FILE PHOTO: The logo of NLB bank is seen on an office building in Ljubljana December 12, 2013. Slovenia's banks need to find 4.8 billion euros to stay afloat, the government acknowledged on Thursday, but said it could raise the funds without joining the euro zone bailout line. REUTERS/Srdjan Zivulovic

LJUBLJANA (Reuters) - Slovenia’s largest bank NLB (NLBR.LJ) plans to issue Tier 2 subordinated notes which will be included in the bank’s additional capital, NLB said in a statement on Thursday.

It said the issue depends upon market conditions, adding the notes would mature in 10 years and be callable after 5 years. The bank, which gave no further details on the notes, has mandated USB Investment Bank to organise the issue.

Last month NLB said it will repay another subordinated Tier 2 issue in the value of 45 million euros ($49.9 million) early after failing to receive the European Central Bank’s approval to count the issue as additional capital.

Reporting By Marja Novak; Editing by Elaine Hardcastle

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