It is a great pleasure to announce that our valuable member Kinstellar advises Nova Ljubljanska banka d.d. on the acquisition of Komercijalna banka a.d., Serbia’s largest financial sector privatization and creates the third largest bank in Serbia by assets on 30 December 2020. 

Their client, Slovenia’s Nova Ljubljanska banka d.d. (“NLB“), completed its acquisition of an 83.23% ordinary shareholding in Serbia’s Komercijalna Banka a.d. Beograd (“KB“). This transaction is Serbia’s largest financial sector privatisation and creates the third largest bank in Serbia by assets, as well as an integrated Balkan regional presence in Serbia, Slovenia, Montenegro, and Bosnia and Herzegovina. The acquisition was approved by all relevant regulatory and competition authorities, including the European Central Bank and the National Bank of Serbia

Siniša Mali, Minister of Finance of the Republic of Serbia, stated that “such a serious financial institution as NLB with a clear vision and strategy is bound to bring fresh and positive energy to our financial sector“.

Blaž Brodnjak, CEO of NLB, warmly welcomed KB to the NLB Group family and noted that, despite such challenges as Covid, NLB were “extremely proud that we have brought this acquisition process to an end in accordance with the time line that we anticipated at the time of signing“. Mr. Brodnjak also highlighted that the transaction is a further step in “NLB Group’s transformation to become a regional champion“.

Kinstellar is honoured to have supported this milestone transaction by successfully advising NLB throughout the process. The Kinstellar team was led by Denise R Hamer, Head of C/SEE Asset Solutions, and Branislav Marić, Managing Partner of the Belgrade office, joined by colleagues Counsel Petar Grozdanović, Managing Associate Dragana Bajić, Senior Associates Tijana Arsenijević, Nikola Stojiljković, Andreja Vražalić and Tamara Zejak, and Associates Jelena Tripković, and Milan Radonić.

For more information please contact Denise R Hamer at, or Branislav Marić at