Mergers & Acquisitions
EBRD tenders entire 8.4% Addiko Bank stake into NLB's voluntary public tender offer
By News Desk ·
Key takeaways
- EBRD tendered its entire 8.4% stake in Addiko Bank into NLB's voluntary public tender offer.
- Settlement depends on the minimum acceptance threshold, merger control and banking regulatory clearance, and other customary conditions.
- NLB raised its takeover offer to €37 per share, valuing Addiko at approximately €566 million, according to akta.pro records.
The European Bank for Reconstruction and Development has tendered its entire 8.4% stake in Addiko Bank AG into the voluntary public tender offer for Addiko launched by Nova Ljubljanska banka d.d. (NLB), the EBRD said on November 13, 2026. The EBRD said it has supported Addiko's growth and its role in providing financial services across its markets.
EBRD's Tender Into NLB's Addiko Offer
The EBRD tendered the entirety of its 8.4 per cent holding in Addiko Bank, a Vienna-headquartered specialist consumer and SME bank operating through six subsidiary banks across Central and Southeastern Europe, according to company records. Nova Ljubljanska Banka is the acquirer behind the voluntary public tender offer.
Settlement of the offer remains contingent on satisfaction or waiver of certain closing conditions, the EBRD said. These include the tender of a number of Addiko shares exceeding the minimum acceptance threshold specified by NLB, the receipt of merger control and banking regulatory clearance in relevant jurisdictions, and other customary offer conditions.
NLB published its 2027 financial calendar in accordance with Stock Exchange rules on November 6, 2026, according to TradingView. NLB will hold its 47th General Meeting on December 14, 2026 to approve a second dividend tranche of EUR 138.4 million, or EUR 6.92 per share, and a share split that would increase shares from 20 million to 100 million, TradingView reported.
Addiko's Offer Terms And Listing History
NLB increased its takeover offer to €37 per share, a 34.3% premium over six-month VWAP, surpassing RBI's competing €23.05 per share bid for Addiko Bank and valuing the group at approximately €566 million, according to akta.pro company records. Addiko transitioned its Vienna Stock Exchange listing from the Prime Market to the Standard Market segment in April 2026, the same records show.
Addiko launched a regional SME Academy in partnership with the EBRD in September 2025, providing training and development programs for small and medium enterprises across Addiko's operating markets, according to the same records. Raisin DS GmbH operates as the broker for Addiko Bank's savings products in Germany, distributing Addiko's Tagesgeld and Festgeld accounts via the WeltSparen platform.
Addiko's Takeover Costs And Stake Changes
Addiko Bank notified authorities of a major holdings change on March 10, 2025, when Aleksandar Kostic's stake reached 9.69% of voting rights, TradingView reported. The stake is held through Agri Holding and related entities, with Gorenjska banka d.d. also holding 5.5%.
Addiko Bank reported a net loss of EUR 23.0 million for the first half of 2026, primarily due to EUR 41.0 million in additional provisions for legal risks related to Swiss Franc loans and EUR 8.4 million in acquisition-related advisory costs, FinanzNachrichten.de reported. Raiffeisen Bank International expects to retain ownership of all Addiko subsidiary banks, including its Serbian bank, The future of trading reported.
NLB's December General Meeting
NLB's 47th General Meeting is set for December 14, 2026, to vote on the second dividend tranche of EUR 138.4 million and the share split, according to TradingView. The two dividends total 55% of 2025 net profit.