Slovenia’s largest bank has announced its intention to launch a voluntary public takeover offer for Austria’s Addiko Bank, proposing to acquire all outstanding shares at €29 per share, the lender said on April 9.

The Ljubljana-based bank, which currently does not hold a stake in Addiko, said it aims to secure a significant majority holding through the offer. The proposed price excludes any future dividend payments.

NLB described the offer as “very attractive” for shareholders, noting that it would help resolve ongoing uncertainties surrounding Addiko’s ownership structure.

The €29 per share offer represents a 25.8% premium to the six-month weighted average share price of €23.05 as of April 8, 2026, and an 11.6% premium to the closing price on the same date.

It also exceeds a recently announced indicative offer by Raiffeisen Bank International by 25.8%.

A similar takeover intention was announced earlier in the week by Raiffeisen Bank International, which said it would offer €23.05 per share for Addiko.

NLB had previously attempted to acquire the Vienna-based lender, which operates across the former Yugoslavia, two years ago. At the time, the offer was accepted by shareholders representing 36.39% of the shares. However, NLB had set a minimum threshold of 75% ownership, leading it to declare the bid unsuccessful.

“Addiko is an attractive and strategic acquisition opportunity, particularly due to its strengths in retail and SME banking and its digital capabilities,” said Blaz Brodnjak, CEO of NLB. He added that the acquisition would complement NLB Group’s universal banking model and support its long-term strategic priorities.

Brodnjak said that, if successful, the transaction would provide Addiko’s clients with access to a broader range of products and services from the largest banking group headquartered in Southeastern Europe. He also stressed that retaining key staff would be a priority, calling it essential for preserving the value and competitiveness of Addiko’s business model.

Financially, NLB expects the acquisition to be earnings-accretive in the second full year after completion, while remaining neutral in the first year. As of the end of 2025, Addiko reported risk-weighted assets of €3.9bn, broadly in line with NLB’s estimated acquisition capacity of around €4bn.

NLB plans to integrate Addiko’s banking operations in five overlapping markets. For subsidiaries outside the European Union, the bank said it will conduct a detailed cost-benefit analysis, with the possibility of divestment at fair market value if deemed appropriate.

Completion of the takeover will depend on NLB acquiring a significant majority stake, as well as obtaining approvals from banking regulators and competition authorities, alongside other customary conditions.

NLB is the largest banking group in Slovenia and the leading financial group headquartered in Southeastern Europe, with its registered office in Ljubljana.