NLB and KBC have sold their stakes in life insurer NLB Vita to Sava Re

In a joint process, Nova Ljubljanska banka (‘NLB’) and KBC Insurance NV (“KBC”) have agreed to sell their respective stakes in the Slovenian 50/50 life insurance joint venture NLB Vita to Sava Re, parent company of the Sava Insurance Group, one of the top three insurance groups in the Adria region. In doing so, KBC will completely withdraw from the Slovenian market, which is non-core to KBC. At the same time, NLB has fulfilled its last commitment towards the European Commission, in connection with the state aid proceedings.