NLB receives all regulatory approvals to acquire Summit Leasing

NLB d.d. announces it has obtained all required regulatory and supervisory approvals in relation to the completion of the transaction contemplated in the Sale and Purchase Agreement (the “SPA”), to acquire a 100% shareholding in SLS HOLDCO, holdinška družba, d.o.o., the parent company of Summit Leasing Slovenija d.o.o., and its subsidiaries (“Summit Leasing”) from funds managed by affiliates of Apollo Global Management Inc. (“Apollo Funds”) and the European Bank for Reconstruction and Development (“EBRD”).

After first obtaining the approval by the Croatian Financial Services Supervisory Agency (HANFA) at the end of June, followed by the Slovenian Competition Protection Agency (AVK) in mid-July, the European Central Bank (ECB) also gave the green light for the transaction to be completed.

“On behalf of the NLB Management Board and the whole team working intensively on this project, I would like to express our deepest gratitude and respect to all regulatory bodies involved in the process, therefore HANFA and AVK agencies, as well as the Bank of Slovenia and European Central Bank for their highly efficient and professional decision taking. Acquisitions of market leading franchises are always challenging; therefore, we genuinely appreciate their diligence, transparency and constructive attitude, resulting in the positive outcome for NLB Group and Summit Leasing’s underlying business and talents,” commented NLB’s CEO Blaž Brodnjak.

Transaction closing expected in mid-September

With the Summit Leasing SPA, dated 30 November 2023, NLB Group announced a new milestone in the development of the Group and the services and solutions it offers to its clients in the markets of its home region, South-Eastern Europe.

Leasing is one of the strategic activities of the NLB Group. Its services address clients’ needs well, which is why NLB Group decided to gradually expand this activity. After first entering the Slovenian market with NLB Lease&Go in the spring of 2020 and new leasing companies established within the Group in 2022 in North Macedonia and Serbia, the announcement of the SPA came as no surprise to anyone who has closely followed the development of the NLB Group over the past few years.

Leasing services offered by the NLB Group members complement the bank’s lending services and enable retail and corporate clients to choose the option that best addresses their needs, situation, and preference. Leasing will become a significant part of the Group. It was organically planned that in its mature phase, it would contribute more than EUR 1 billion to the total assets of the Group, yet with the Summit Leasing acquisition this ambition has been significantly accelerated.

“NLB Group’s goal is for our leasing companies to become the leaders in the field of movables across our region and to play an important role in mobility in the markets of our presence. Summit Leasing’s extensive dealer network in Slovenia will complement our digital and direct model and therefore provide the enlarged business with an omnichannel distribution platform that will be well positioned for future growth across our home region,” further emphasized NLB’s CEO. 

Subject to certain preparatory steps, the transaction is expected to be completed in mid-September 2024, with merger of both subsidiaries NLB Lease&Go and Summit Leasing expected in the second quarter of 2025.

As usual, we will keep all interested stakeholders informed about the entire process with further announcements being made in due course.

Investor Relations