He said in a press release that the compensation amount had not been based on an appraisal report which is mandatory by law.

Verbič added that under recent legislative changes the takeover price is no longer automatically a just compensation when small shareholders are being squeezed out.

He also said that the VZMD did not receive relevant documents beforehand so as to examine whether the compensation was appropriate.

Verbič added that the AGM also touched on court cases that could leave AIK Banka with less than 90% shares in Gorenjska Banka, which means that AIK Banka could not squeeze out small shareholders.

Therefore the VZMD will challenge the vote that confirmed the squeeze-out, according to Verbič.

AIK Banka increased its share in Gorenjska Banka from 12.43% to 90.11% in the takeover taking place between 14 February and 13 March. Since then it has acquired additional shares, increasing its stake to just over 98%.

Owned by Serbian businessman Miodrag Kostić, AIK Banka launched its first attempt to take over the Kranj-based bank in 2017. The first try failed because AIK Banka had trouble securing relevant regulatory approvals in time and was then banned from issuing another takeover attempt for a year.

Today, the AGM also appointed Franc Selak and Peter Grašek supervisors to replace Matej Podlipnik, whose term expired, and Aleš Aberšek, who resigned.