But the transaction value is just over one billion euros. NLB will get EUR 622m, and NKBM, EUR 390m worth bonds. The bonds, with a maturity of two and three years, will be listed on the Ljubljana Stock Exchange next week.

The two banks will get state-backed Bank Assets Management Company (BAMC) bonds in the same value, a transaction which BAMC said would be carried out before the end of the year. BAMC said the provisional period could take up to four months.