Slovenian finance and tourism conglomerate Sava received a €500,000 fine from the local central bank for failing to divest its stake in Gorenjska banka d.d. Kranj, Reuters reported Oct. 19, citing banking sources.

Under Slovenian law, the imposed fine could be reduced by half if Sava makes the payment within eight days from receiving the central bank's decision.

Sava was requested in 2015 to sell its 37.7% stake in the bank within six months. In 2016, it formed a consortium with other shareholders to sell around 55% of Gorenjska.

AIK Banka a.d. Beograd, which already owns a 21% stake in Gorenjska, and Apollo Global Management LLC reportedly submitted bids for a majority holding at the lender. Reuters reported in September that AIK Banka offered to pay €285 for each Gorenjska banka share, while Apollo offered €235 per share, but the sellers rejected the bids, hoping that the two investors could improve their offers.