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Slovenia’s biggest bank to cut workforce, CEO says

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Slovenia’s biggest bank, state-owned Nova Ljubljanska Banka (NLB), plans to cut its workforce by 20% within two years to improve competitiveness, Reuters reported on Tuesday, citing chief executive officer Janko Medja. Unlisted NLB bank and No. 2 state-owned lender Nova KBM hold the lion’s share of the banking system’s roughly €7 billion ($9 billion) of bad loans and lie at the heart of speculation that euro member Slovenia may need a bailout. Medja told reporters that NLB expected to raise its core Tier 1 capital ratio to some 9.5% with a planned capital hike of €367 million by the end of July.

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