Sava Re purchases Skopje-based NLB New Pension Fund

Sava Re purchases Skopje-based NLB New Pension Fund
Slovenian insurance group Sava Re has purchased 100 percent of the shares of NLB New Pension Fund AD Skopje.

The purchase contract has been signed Tuesday in the premises of NLB Bank in Skopje. The final approval of the transaction should be passed the Agency for Supervision of Fully Funded Pension Insurance (MAPAS).

The NLB Bank management underlined that the withdrawal from the ownership of NLB New Pension Fund does not mean withdrawal of the bank from Macedonia, but rather their greater focus in the banking sector, and the pension fund and its members will benefit from the sale of the pension fund to the insurance group Sava Re.

The withdrawal from the ownership of NLB New Pension Fund does not in any way mean withdrawal from the Republic of Macedonia. We want to develop banking services in Macedonia and to be a pioneer in digitization phase and to bring high quality of services, said Blaz Brodnjak, President of the Management Board of NLB Ljubljana said at Tuesday’s press conference.

The Sava Re group told that the transaction for them is one of the important in terms of their strategic expansion and as they will continue to develop the pension fund in Macedonia in the future.

The sales procedure was started on March 17, 2017. NLB New Pension Fund has been formed in 2005. NLB New Pension Fund AD Skopje manages two pension funds with combined assets of about €430 million.

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