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Business and Economy
11.02.2013 17:04
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Sava Re Gets Regulatory Green Light to Acquire Zavarovalnica Maribor

Ljubljana, 11 February (STA) - Reinsurance company Sava Re received clearance Monday from the Agency for Insurance Supervision to increase its stake in insurer Zavarovalnica Maribor above 50% and complete the acquisition started in December.

The news comes after NKBN bank sold a 50.99% stake in Zavarovalnica Maribor for EUR 65m to Sava Re and the state-owned SOD fund, the latter only holding on to the stock until Sava Re gets sufficient funds with a capital increase.

Sava Re shareholders endorsed a EUR 55m capital hike to finance the acquisition in mid-January.

The recapitalisation is to be completed by June and the full acquisition of Zavarovalnica Maribor will make Sava Re the no.2 player on the insurance market in the country.

11.02.2013 17:04

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