The Komercijalna Bank released a draft contract to annex the NLB branch in Belgrade, the Serbian Momentum brokerage house said on Thursday.

The Slovenian NLB bought a majority stake in the Komercijalna Bank in 2020.

“Komercijalna Bank will issue 1.66 million new shares of a nominal value of 1,000 Dinars (1 Euro – 118 Dinars) based on the annexation of NLB increasing its capital by 9.7 percent or 1.66 billion Dinars. Following the annexation, the Slovenian NLB will own 89.3 percent of the shares of Komercijalna Bank and will have an 89.5 percent share of the overall capital of the bank,” the Momentum press release said.

Komercijalna Bank had more than a 10 percent share of the market at the end of June while NLB Belgrade had a 1.8 percent share.