The chairman of the Maribor-based NKBM bank was confident about the future of this second biggest Slovenian bank as he subscribed for shares in Maribor on Monday a few minutes after the subscription started for 49% state stake in the initial public offering.
"The day we have been looking forward to marks a new era for Nova Kreditna banka Maribor (NKBM) in which it will become a public stock company rather than a fixed-ownership bank it has been until now," Matjaz Kovacic told reporters at the main branch in Maribor.
Kovacic said he was pleasantly surprised at the number of people waiting for the branch to open, because it showed people considered the bank a high-quality and serious institution they want to become shareholders of.
According to the chairman, the NKBM has prepared for the subscription well, securing 300 employees and counters at 104 branches across Slovenia, which will be open longer than usual, as well as on Saturdays and even Sundays.
Of the 49% of the state-owned bank put up for sale, 24.5% of the share capital will be offered to small investors, who have until 27 November to order the shares. The rest is available to well-informed and institutional investors until 29 November.
The price will range between EUR 20.5 and EUR 27 per share, the final figure being determined on 30 November. The range is equal to 1.72 to 2.26-times the book value of NKBM shares on 31 December 2006 and prices the 49% stake for sale in the first phase of privatisation at EUR 235m - EUR 315m.
Luka Vesnaver of the government commission overseeing the privatisation of NKBM hopes the bank's future ownership structure will contribute to even better performance. The sale of the 49% state stake, which is to complete on 5 December, is only the first stage of privatisation procedure.
Together with its subsidiary PBS, the NKBM had a market share by assets of about 13% at the end of last year, according to the Bank Association of Slovenia. Its pre-tax profit exceeded EUR 55m at the end of the third quarter.
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