Monday, 18 October 2021

NLB to buy back up to 0.2pc of own shares

LJUBLJANA: Slovenia’s largest bank Nova Ljubljanska Banka (NLB) may buy back just over 36,500 of its shares or up to some 0.2 percent of its share capital over the next three years, it said in a statement on Monday.

It said the share buyback plan had to be confirmed at a shareholders’ meeting on June 10. NLB said it would use the shares for staff compensation but did not say how much it planned to spend on the purchases.

Also on Monday, the bank said it would issue 45 million euros ($50.30 million) of subordinated Tier 2 notes at a price of 99.1 percent. The notes will expire in May 2029, and will carry a coupon interest rate of 4.2 percent over the first five years.

The government, which holds 35 percent of NLB, plans to sell another 10 percent of the bank by the end of this year after it sold 65 percent through an initial public offering in November. It will keep 25 percent in NLB to have a say in key business decisions.

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