Slovenia’s Gorenjska Banka acquires 5.19% stake in Austria’s Addiko Bank

By bne IntelliNews November 10, 2024

Slovenia's Gorenjska Banka announced on November 8 that it acquired 1,011,812 shares in Vienna-based Addiko Bank. This acquisition, purchased from the parent financial holding Agri Europe Cyprus Limited, represents a 5.19% stake in Addiko Bank's share capital. Financial terms of the transaction were not disclosed in the bourse filing.

The acquisition follows a recent unsuccessful bid by Slovenia’s largest bank, NLB, to take over Addiko Bank. NLB’s takeover attempt, announced in August, fell short when only 36.4% of Addiko’s shareholders accepted the offer, far below the required 75% acceptance threshold.

In its financial performance report for the first nine months of 2024, Gorenjska Banka reported a 7% year-on-year decrease in net profit, which totalled €35.3mn. However, the bank saw growth in key areas, with net interest income increasing by 4% to €68.1mn and net fees surging by 13.8%, reaching €14mn.

Despite recent profit challenges, Gorenjska Banka received a “BB+” financial strength and issuer credit rating from S&P in October, accompanied by a stable medium-term outlook. 

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