NLB plans to acquire Addiko

The major Slovenian bank NLB is making another bid for Addiko Bank. The Ljubljana-based institution announced that it would submit a voluntary public tender offer for the Austrian bank, offering 29 euros per share.

With this move, NLB is making a second attempt after its first takeover bid failed two years ago. At that time, although shareholders holding more than a third of the shares had approved the deal, the minimum threshold of 75 percent set by NLB was clearly not met.

This time, the bank is banking on a significantly more attractive offer. The offered price is well above the six-month weighted average price of Addiko shares and also noticeably higher than the most recent closing price. At the same time, the offer surpasses a competing, non-binding bid from Raiffeisen Bank International, which had put 23.05 euros per share on the table at the start of the week.

Second attempt with a higher offer

NLB argues that the offer is not only financially attractive but could also put an end to the long-standing uncertainty regarding Addiko Bank’s ownership structure. This is intended to create a clear exit path for shareholders.

Strategically, the move fits the picture. Addiko is active in several countries of the former Yugoslavia and is considered particularly attractive in the retail and SME sectors. Added to this is a comparatively strong digital focus. This is precisely where NLB sees the appeal of the transaction.

NLB CEO Blaž Brodnjak described Addiko as an attractive and strategically sound acquisition opportunity. The institution complements the NLB Group’s universal banking model and supports its long-term growth plans. For Addiko’s customers, a merger could open up access to a broader range of products and services.

At the same time, Brodnjak made it clear that NLB intends to retain Addiko’s key personnel. Preserving the company’s expertise and operational substance is crucial to ensuring the business model’s value is not compromised.

Integration and Strategic Goals

Financially, NLB also expects a positive effect in the medium term. In the first full year following the closing, the acquisition is expected to have no impact on earnings, and then make a positive contribution to profit in the second year. At the end of 2025, Addiko reported risk-weighted assets of 3.9 billion euros—a volume roughly equivalent to the size of the planned acquisition.

Operationally, NLB plans to integrate Addiko’s businesses in five markets where there is overlap. For subsidiaries outside the European Union, however, the bank intends to assess separately whether retaining them makes economic sense or whether a sale at market value would be the better solution.

However, the deal is still far from certain. NLB not only needs a significant majority stake but also the approval of regulatory and competition authorities. Added to this are the usual conditions that must be met for cross-border bank acquisitions.

One thing is already certain, however: With its new offer, NLB is significantly ramping up the pressure in the battle for Addiko. The Ljubljana-based bank aims to further expand its role as a leading financial group headquartered in Southeast Europe—and apparently sees Addiko as a crucial building block in that strategy.