Bloomberg News

Slovenia’s Nova Kreditna Says CEO Kovacic to Step Down in Jan.

December 07, 2011

Dec. 7 (Bloomberg) -- Matjaz Kovacic, the chief executive officer of Nova Kreditna Banka Maribor d.d., will resign as Slovenia’s second-biggest bank by assets copes with mounting bad loans.

Kovacic, who’s been at the helm of the Maribor-based lender since 2005, will be replaced by Andrej Plos, a member of the management board, from Jan. 1, Nova Kreditna said in an e-mailed statement today.

The bank wants to ensure stability, continuity and better results to boost its share price, according to the statement.

The bank, majority-owned by the Slovenian government, last month reported its first loss since it sold shares to the public in 2007 on bad loan provisions. The consolidated loss for the nine-month period totaled 4.4 million euros ($5.9 million), compared with a 20.3 million-euro profit in the same period a year earlier, the bank said Nov. 29.

Nova Kreditna advanced 5.1 percent today to close at 3.5 euros in Ljubljana, the biggest gain in a week. The stock lost 66 percent of its value this year, giving the bank a market value of 137 million euros.

--Editor: Greg Chang

To contact the reporter on this story: Boris Cerni in Ljubljana at bcerni@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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