Nova KBM
 

Start of work towards the full integration of PBS and Nova KBM | NKBM

In accordance with the applicable legislation and good business practice Nova KBM d.d. hereby gives the following notice:

Start of work towards the full integration of PBS and Nova KBM

2 November 2015
OBVESTILA
In accordance with the applicable legislation and good business practice Nova KBM d.d. hereby gives the following notice:
 
The merger of Poštna banka Slovenije (PBS) with Nova KBM is one of the strategically most important projects undertaken as part of the consolidation of the Nova KBM Group. The aim of this merger is to adapt the operations of the Nova KBM Group to the requirements arising from its restructuring programme, which the European Commission approved in 2013.

The basis upon which the implementation of activities towards the merger of the said banks is to start is a consent given by each bank´s supervisory board. While the Nova KBM Supervisory Board consented to the decisions made by the Nova KBM Management Board regarding the merger after it took note of the Management Board´s report on the integration of PBS into Nova KBM at its regular meeting on 14 October 2015, the PBS Supervisory Board considered the report on the intended amalgamation of PBS with Nova KBM, and gave its consent to the decisions made by the PBS Management Board in this respect at its meeting on 26 October 2015.

In the first nine months of the year, an assessment was made of various scenarios for integrating the operations of Nova KBM and PBS. Based on the conducted analyses, the management boards of both banks have decided to opt for full integration of the banks as the option that brings the most benefits in terms of work organisation, the execution of the integration itself, and the synergistic effects resulting from the merged operations.

Until the legal merger, which is scheduled for 1 July 2016, the banks will continue to operate as separate legal entities, given that, prior to taking any further steps towards their integration, they must obtain the necessary approvals from the Bank of Slovenia, the European Central Bank, the European Commission and other competent bodies, and must also meet all relevant regulatory requirements. Although the operations of the customers of both banks will generally be unaffected until the merger is complete, appropriate measures will be taken to ensure that the information on any changes in this regard is distributed in a timely fashion.

While the merger of Nova KBM and PBS is expected to help the Nova KBM Group gain an even stronger position in the Slovene banking market, it will also ensure that the customers of both banks are provided with a broader range of top-notch financial services suited to their needs. Moreover, this merger represents a further step in the implementation of one of the key commitments the Nova KBM Group agreed to in its restructuring programme – to gradually concentrate on its principal activity, banking.