The procedure for the sale of 100% of the share capital of NLB Nov penziski fond AD Skopje was completed




Today, 12th December 2017, a contract was signed in Skopje on the sale of NLB Nov Penziski fond AD Skopje, our pension company managing two pension funds in the Republic of Macedonia (a compulsory second pillar pension fund and a voluntary third pillar pension fund). The total value of assets under management in both funds is at the moment more than 430 million EUR. The buyer of this 100% ownership share is the company Sava RE d.d. from Ljubljana, Slovenia. The transfer of shares will take place after all necessary approvals from competent authorities have been obtained.


NLB d.d. Ljubljana owned a 51% of the share capital of NLB Nov penziski fond, the rest was owned by NLB Banka AD Skopje, a subsidiary of NLB d.d. Ljubljana, which sold its equity stake in NLB Nov penziski fond together with NLB d.d. Ljubljana.


On behalf of NLB d.d. Ljubljana and NLB Banka AD Skopje, the process was organized and managed by the Corporate Finance Division from NLB d.d. Ljubljana. The sales process was conducted openly. On 17.03.2017, NLB d.d. Ljubljana and NLB Banka AD Skopje informed the public through stock exchange information portals of the Ljubljana and Macedonian Stock Exchange about the start of the NLB Nov penziski fond shares sales process inviting all interested potential investors to contact NLB Corporate Finance.

Since NLB Nov penziski fond is a strategically important company for the Macedonian pension system, the NLB Group paid a lot of attention to controlling the fulfilment of legal conditions for shareholders of Macedonian pension companies by potential investors.


We believe that the new owner, Sava Re, meets the most stringent criteria in this regard. We are convinced that the new owner with its financial stability, as well as the experience and support of a powerful and stable Group Sava, will additionally contribute to the interests of the members of the pension funds managed by NLB Nov penziski fond.



Blaž Brodnjak, President of the Management Board of NLB, said when the contract was signed: “Our exit from the ownership of the NLB Nov penziski fond does not in any way imply that we are exiting the Republic of Macedonia. On the contrary, NLB Banka Skopje remains a strategic member of the NLB Group, where we see a lot of potential for upgrading business both in the retail as well as corporate sector. With Sava RE, the company is getting a good strategic owner from the insurance sector, which will ensure not only stability, but also further development of this company, as it has been the case so far, in the best interest of its members. This transaction is yet another indication of how interested Slovenia is in cooperating with friendly nations and how quickly the Republic of Macedonia is pursuing its integration into the Euro-Atlantic structures.“


Antonio Argir, President of the Management Board of NLB Banka AD Skopje, stated: “In line with the reforms of the Macedonian pension system, in 2005 NLB Banka AD Skopje used all its knowledge, power and position on the market and together with NLB d.d. Ljubljana we founded NLB Nov penziski fond, a company that to our great pleasure has grown to be a truly successful story. Today this successful story continues with the new owner Sava Re, a company from the insurance business and I’m certain that together we will achieve an even greater success, growth and development of pension insurance in Macedonia. I’ve stressed “together” because our collaboration with the Fund goes on, which means that their services will remain available through the sales channels of NLB Banka AD Skopje.“


Davor Vukadinovik, President of the Management Board of NLB Nov penziski fond AD Skopje, said: “When the sales process is final, the Company managing pension funds (mandatory and voluntary) will get a strategic owner with a lot of experience in the insurance industry, with whom we will carry on developing and strengthening the Company’s internal capacities. Our goal remains unchanged: to be a stable and reliable company with high quality standards in pension insurance and managing of assets owned by the members of the pension funds. We will proceed to operate in the best interest of our clients to further strengthen their confidence in insurers and products that are significant for their financial future.”


Marko Jazbec, Chairman of the Management Board of Sava Re d.d. Ljubljana, said:“Sava Re has acquired all the shares of the pension fund NLB Nov penziski fond AD Skopje, making a strategic entry into the Macedonian pension insurance market. In line with our development strategy, we pursue our growth strategy and vision of building a client-focused insurance group.

We are acquiring an important pension company with high-level expertise and business standards. The long-standing successful cooperation with the NLB Group in the Macedonian market will continue to grow in the future. Through our care for our clients, we will maintain the high-level confidence in the company and raise awareness about the importance of pension insurance ".



NLB Banka AD Skopje