May 21, 2013 / 9:21 AM / 6 years ago

Slovenia's biggest bank to cut workforce by 20 pct -CEO

LJUBLJANA, May 21 (Reuters) - Slovenia’s biggest bank, state-owned Nova Ljubljanska Banka (NLB), plans to cut its workforce by 20 percent within two years to improve competitiveness, chief executive officer Janko Medja said on Tuesday.

Unlisted NLB bank and No. 2 state-owned lender Nova KBM hold the lion’s share of the banking system’s roughly 7 billion euros ($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 percent with a planned capital hike of 367 million euros by the end of July.

$1 = 0.7778 euros Reporting by Marja Novak; Writing by Matt Robinson; Editing by Catherine Evans

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