Kardan, Ganden part of consortium bidding for Slovenian bank NKBM

Nova Kreditna Banka Maribor (NKMB) is Slovenia's second largest bank , with an estimated value of €300 million. Nochi Dankner's Ganden Group is a part of an international consortium led by Slovenia's Aktiva group.

With 4.5% a year growth, Slovenia is becoming an attractive market for some Israeli investment companies. Two of them, Kardan Investments, controlled by Joseph Grunfeld and Avner Shnur, and Ganden, controlled by Nochi Dankner, are seeking to acquire the controlling shares of Slovenia’s second largest bank, Nova Kreditna Banka Maribor (NKMB). Sources inform ''Globes'' that Kardan and Ganden are part of a consortium that is one of the three finalists to acquire NKMB. The other candidates are UniCredito Italiano group, Italy’s second largest banking group and Bank of Austria.

Ganden and Trust Banking International Holding (TBIH) a Dutch company created by the Kardan group, each own 15.5% of a consortium, which is led by Slovenian investment company Aktiva, owned by Darko Horvat. Other members of the consortium are Slovenia's Factor Banka and the European Privatization and Investment Corporation (EPIC).

Aktiva, which owns 67% of the consortium, bought 9% of Ganden for $15.5 million in June. Aktiva is Slovenia’s leading business group, and has played a key role in that country's privatization process, with holdings in over 150 companies worth hundreds of millions of dollars.

NKBM's value for the purpose of privatization is estimated at €300-400 million. The winning consortium will acquire 65% of the bank in the first stage, with an option for the remaining 35%. Nomura Bank London is carrying out the privatization for the Slovenian government. The consortium's investment banker is Deutsche Bank representative in Israel Dr. Boaz Schwartz.

NKBM is based in Maribor, Slovenia, and has branches throughout the country. It has 1,400 employees. The bank's international rating is BBB. Its assets at the end of 2001 total €1.64 billion, and its return on capital is 18%. Net profits in 2000 were €28 million and its equity at the end of 2000 was €167 million.

Kardan and Ganden have been cooperating in Eastern Europe, though Kardan Real Estate, controlled by Kardan Investments, and in which Ganden has a 20% holding.

Published by Israel's Business Arena on 20 December 2001

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